2 CDC Coronavirus Disease 2019 (COVID-19) Situation Summary (March 3, 2020).
Each Asset Protection Plan is individualized and customized to a client’s specific needs. Your Asset Protection Plan may need only one firewall to well-shield an asset or it may require several. No matter how strong a particular firewall may be, there's some possibility that it can fail. We generally recommend that you 'layer' or use multiple firewalls. If one firewall fails; another stands. The challenge is to know which firewalls to use in a particular case, and when to add more firewalls. We want at least two firewalls to build a more solid plan.
You want to start with a cost-effective, simple plan, and then add firewalls as needed. Asset protection plans often evolve in stages. Having multiple or combined firewalls exponentially strengthens your plan. We have any number of specific protective firewalls, but we most commonly use these eight 'firewalls:' 1) federal and state exemptions, 2) co-ownerships, 3) corporations, 4) limited partnerships, 5) limited liability companies, 6) domestic trusts, 7) international entities, and 8) debt-shields (equity stripping). For example, we frequently combine or layer limited partnerships with international trusts, foreign LLCs and foreign self-protected investments to create one integrated, formidable four-layer firewall barrier. Each specific firewall has its own unique characteristics, strengths and weaknesses, advantages and disadvantages, applications and instances where they would or wouldn't be useful. Your perfect plan depends on your individual situation.
To find out how to best protect your assets, contact The Presser Law Firm, P.A. for a complimentary preliminary consultation.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com
www.AssetProtectionAttorneys.com
