THE BASICS ABOUT ASSET PROTECTION
Acacia Business Solutions dba of Acacia Corporate Management LLC, founded in 2003, provides the following consulting services, self-directed IRA, business concepts, business licenses, business solutions, asset protection, estate planning, formation of Limited Liability Company (LLC), corporation, nonprofit, partnership, and trusts. Strategies regarding state tax versus non-state tax jurisdictions, and general services in, bookkeeping, payroll, and registered agent in all 50 US States including mail forwarding and virtual offices in Nevada.
Our methods and concepts are easy to understand and follow. Our company is proud to have helped our clients protect millions in liquid assets, ten times that amount in real estate, and even more in investment dollars. Popular questions and topics discussed by the consultant related to asset protection, forming entities, business solutions, and strategies are addressed below.
FORMS OF PROTECTION
Many believe that asset protection is limited to trusts and legal entities. However, chances are that you already have at least one form of coverage against small vulnerabilities in your life. Of all the forms of asset protection services, some of the more common include auto and homeowners insurance, estate planning and there is a good reason for it. Something as common as driving comes with a very high level of risk. The way to protect your assets at the source of vulnerability is to not minimize the insurance but rather maximize insurance.
A few helpful tips are to try getting coverage for both your home and cars from the same provider. Also, purchase a single policy that offers liability protection in an auto accident. It is best to implement a full-proof plan that will impede the success of a legal predator taking hold of your assets. One step would be to purchase/lease vehicles under your name. If you are an entrepreneur, it is advised to write off the vehicle expense, but do not put the title in your business™ name. Doing so puts you at high risk of having your business revenue and assets exposed to the legal system. By having this one form of asset protection, you can protect yourself against liability should an accident occur.
ADDITIONAL FORMS OF PROTECTION
- Bankruptcy Depending on the state you live in, bankruptcy protection will not only protect your home, but it will also protect your investment accounts, IRAs, and 401Ks.
- Corporate Veil/Corporate Shield A form of asset protection that will protect against business liability. Please note that you should not rely on this as your only form of coverage as it is not 100% effective. However, if you operate your company properly, you will have a substantial amount of protection that is offered by legal statutes in corporate law. For example, owning property under a Limited Liability Corporation (LLC) is excellent for protecting your asset, but if this asset produces some form of risk it may threaten everything that belongs within the same legal structure.
- Insurance For most, this should be considered your first form of defense. Insurance will allow you to purchase protection for known areas of risk such as driving or home/business ownership. Purchase as much coverage as you can so that if/when the occasion arises, your insurance company will defend you and your wealth against your legal opponent.
More about this protection and other forms are discussed in other areas of our website. Please visit Asset Protection Strategies for more targeted information
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