Not everyone needs to shield their assets. Investors and most rich individuals often do, but not everyone. Still, if you have anything at all to protect, then by all means learn what you can about protecting it.
If you’re only trying to find a way to hide from creditors, then it’s probably too late. What you’re doing could get you in a world of trouble. It’s true what they say, that people who worry about protecting their assets are the ones who are more likely to be sued. As such, it makes sense to know how you can protect what you have. Anybody can find themselves in a bad situation, so it’s best to be prepared.
Where do you fall on the debtor-creditor equation?
People who use asset protection for their Salt Lake City business or for themselves fall on the debtor side of that equation. Why? Because protecting your assets is all about making it impossible or at least difficult for creditors to get their hands on them. That’s not all there is to it, though. You’re getting some legal protection, so you don’t end up in jail for what you’re doing.
Creditors busy themselves with strategies to collect, and debtors should know how to protect themselves without conflicting with the law.
When should you get asset protection?
Do it before a claim or liability is already in front of you. There are only a few things you can do to protect your assets if you do this the other way around. Ask your lawyer about how early. Even if you beat the collector to it doesn’t mean you got the timing right. You could be liable for fraud.
This guide isn’t nearly enough to cover every aspect of asset protection. Your best move is to call your lawyer and discuss the matter with them. Do it while it’s early and before you have any liabilities.