Asset Protection
Why need an asset protection plan?
There has been an increased litigation on business owners and professional in Malaysia and overseas. Successful business owners and wealthy professional individuals may become a target of unexpected lawsuits. Therefore many small business owners and professionals are seeking ways to protect their assets. If you are one of them and if your wealth and your assets can be easily detected, you may attract frivolous lawsuits. Once you get involved in any lawsuits, your assets may have a high possibility to evaporate.
Your asset could be loss due to any of the following causes:
- Claims from creditors if your business failed.
- A malpractice lawsuit or other kinds of lawsuit.
- A huge tax bill or a humongous penalties following a tax audit
- Catastrophic medical fees or any other unexpected bills.
- Divorce.
You need to have an Asset Protection Plan to protect your personal assets to the greatest extent possible. An Asset Protection Plan basically works by making the assets of an individual unavailable, or difficult to recover, (and hence unattractive) in the event of legal proceedings being taken against them by employees, clients, patients, litigious family members or other malfeasance.
Asset Protection Plans take all assets of a person into consideration: stocks, bonds, annuities, life insurance, property, inheritance, precious gems, artwork, antiques, ongoing income, bank accounts and businesses.
You can move your assets into a legally inconspicuous entity which will protect you from being attacked by hasty or rash litigation, seizure by government or attack by an estrange spouse. In fact, a well structured Asset Protection Plan can protect you from anything which may threaten your hard earned wealth.
Many people and companies around the world prefer to protect themselves by moving their assets to offshore jurisdiction. However for those yet to do so, some question always arise, such as, what are the benefits for me? Is it safe? How much of my assets is recommended to move? How much I have to pay? etc. To answer these questions, please get advice from a licensed financial planner before you make any move.
Why to establish an asset protection plan?
There are two stages to establish an asset protection plan:
- Consultation and construction of an asset protection plan
- Implementation of the plan upon client's decision
Standard Financial Planner has the relevant expertise in setting up and implementing an asset protection plan. We believe in working closely with a network of professional such as lawyers, accountants and investment professionals to ensure your objective is achieved.
