Asset protection is another area of specialist expertise provided by Pindoria Solicitors. Where there are considerable assets at risk - preparation and planning are essential.
As we work hard and acquire assets, most people give little thought to how this acquired wealth can best be kept for our enjoyment in later life and, ultimately, how it can be passed on to the next generation.
The threat to your assets may come from taxation, litigation, creditors, claimants, business failure, family, matrimonial or other problems. We can advise on protecting your assets in the context of:
- Inheritance tax
- Business failure
- Litigation and disputes
- Long term care
Whichever is the case, our experience and technical expertise will help you defend your assets from erosion and allow you to look confidently to the future. Click here to go to the Asset Protection page of the Pindoria Solicitors website.
Whether you are an individual or business, you should consider all lawful and proper asset protection measures.
Business: consider appropriate corporate structures to help ensure your company is not vulnerable to litigation or unjustified claims
Individuals: do not put all your eggs in one basket. Consider the appropriate use of offshore structures to prevent future creditors and claimants attacking your assets.
Asset protection strategies are not put into place to hide property from your government, avoid taxation or illegally elude creditors. Asset protection planning does not involve tax evasion as applicable taxes will need to be paid. It is important to properly report your taxable income. The legitimacy of your protection could be jeopardised if there is improper or illusive reporting.
One of the most important factors in an asset protection strategy is timing. If you remove your name from your personal assets while in litigation, there may be complications.Unsurprisingly, those with the most to lose are the best targets because they are in a position to pay which makes suing them worthwhile. Protecting yourself and your assets from the onslaught of litigation, before the event, is absolutely crucial.