Asset Protection
The insurance industry talks often about the whole aspect of buying creditor proof investments. And they’re not wrong. Creditor proof investments are assets that cannot be attached in the event of a bankruptcy or a liability situation. In Canada, life insurance assets are protected. But, as good as that is, they are still visible, and creditors still know they are there. Eventually your going to need to use your funds and when you go to take them your creditors are going to have access to the income stream.
On the other hand, you can go offshore and your creditors then have to first of all come after your assets in the offshore jurisdiction. This is very hard to do, and even harder to know if, or where, you have any money. Plus, if your assets aren’t in your name, they can’t attach them anyway. If the assets are in an account owned by an International business company (IBC), they are not your personal assets. Your creditors can sue you but they can’t get the assets because legally they don’t belong to you, they belong to the offshore company. With your assets offshore you have the best asset protection in the world: protection from creditors, business partners, governments, and even spouse to spouse situations. You may look at your affairs today and conclude that you’re not likely to get sued, but let me ask you 5 questions;
1. What would happen to what you own if you were sued?
2. Would you or could you lose it all?
3. How much sense does it make to work your whole life and then see it all disappear because you didn’t plan?
4. Statistically over the next year your chance of having a house fire is 1 in 244 while your chance of being sued could be as high as 1 in 15.
5. A house fire is extremely rare – do you own fire insurance – Why?
How could it happen to you? Maybe you could be sued due to a car accident, recreational accident, accidents of all kinds, business failure, business partner disagreement, marriage breakdown etc. No one can see into the future. No one likes to think about disasters. But let’s be realistic, these things do happen. If they didn’t there wouldn’t be so many lawyers. Don’t let these legal vultures have what is rightfully yours. Hide your assets so that nobody can find them, and even if they could, they couldn’t get their hands on them. A properly formed offshore structure can provide you a level of asset protection and privacy equaled only to being invisible.
On the other hand, you can go offshore and your creditors then have to first of all come after your assets in the offshore jurisdiction. This is very hard to do, and even harder to know if, or where, you have any money. Plus, if your assets aren’t in your name, they can’t attach them anyway. If the assets are in an account owned by an International business company (IBC), they are not your personal assets. Your creditors can sue you but they can’t get the assets because legally they don’t belong to you, they belong to the offshore company. With your assets offshore you have the best asset protection in the world: protection from creditors, business partners, governments, and even spouse to spouse situations. You may look at your affairs today and conclude that you’re not likely to get sued, but let me ask you 5 questions;
1. What would happen to what you own if you were sued?
2. Would you or could you lose it all?
3. How much sense does it make to work your whole life and then see it all disappear because you didn’t plan?
4. Statistically over the next year your chance of having a house fire is 1 in 244 while your chance of being sued could be as high as 1 in 15.
5. A house fire is extremely rare – do you own fire insurance – Why?
How could it happen to you? Maybe you could be sued due to a car accident, recreational accident, accidents of all kinds, business failure, business partner disagreement, marriage breakdown etc. No one can see into the future. No one likes to think about disasters. But let’s be realistic, these things do happen. If they didn’t there wouldn’t be so many lawyers. Don’t let these legal vultures have what is rightfully yours. Hide your assets so that nobody can find them, and even if they could, they couldn’t get their hands on them. A properly formed offshore structure can provide you a level of asset protection and privacy equaled only to being invisible.
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