Litigation is on hype as we analyze the recent trends around the world. Same is the case with concept of protecting assets and wealth. Not many people around the world are completely familiar with the purpose, working and benefits of asset protection by ASIC. The first and foremost point to understand and implement is to incorporate your business as a Private Limited Company. Unlike sole traders/partnerships, Private Limited Company does not have unlimited liability. People have recently understood this point and are taking action in order to protect their assets and wealth for their better future. Many Accountants Sydney will be able to provide an assistance with Trust registrations.
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Asset Protection vs Insurance
Another latest development in this area is the understanding of the difference between Insurance and Asset Protection. People have now started to have a clear idea about the greater benefits of Asset and Wealth Protection. Insurance is limited. Insurance can only cover the major business and personal property but not everything. On the other hand, insurance never pays for litigation. Asset and Wealth Protection is the primary solution for all your wealth related worries. It acts as a safety shield around your assets and wealth. It is the perfect tool when it comes to wealth and asset issues.
Asset Protection Planning Is Essential
Let me briefly explain what Asset Protection Planning is. Consider yourself an entrepreneur who has a dependent family and business registered under your name. What if your employee falls from the stairs at the workplace and decides to sue you for everything that you have? Having Asset Protection Planning can help you in such a situation by allowing you to have 99% chance of winning the case. On the hand, if you don’t have Asset Protection Planning then you are completely vulnerable which could result in loss of business assets, personal property, etc. It is only one scenario, don’t forget that hundreds of scenarios can take place in your daily life.
Latest Facts Revealing The Importance Of Asset & Wealth Protection Planning
• 78% lawsuit defendants around the world never thought it would happen to them
• On average, it takes from 30 seconds to 1 minute for a new lawsuit to be filed
• Business owners and self-employed people have 33% of likeliness to defend a lawsuit
• More than quarter million criminals make living via lawsuits according to FBI
It clearly shows that the world in which we are living is no more safe and harmless. The latest statistics must be an eye opener for those who have spent their entire life while caring for their business and building assets.
Things You Must Know
The information we are about to reveal is latest, authentic and shocking. Asset Protection Planning is only useful and beneficial if you gain it before someone attempts to file a lawsuit against you. Why is it so? According to the law, criminal charges can be pressed against you if someone has filed a lawsuit for your assets and you make an attempt to transfer the assets. If you transfer the assets while knowing that a lawsuit could be filed against you then, it could be considered as a fraudulent act. Delays in Asset and Wealth Protection Planning can lead to serious consequences. Majority of the people do not know this latest information.
Legal Tax Planning Is The New Trend
Most of the people get to know about Legal Tax Planning when they go for Assets Protection. Recent study has revealed that the taxes all around the globe have increased with the passage of time. In this situation, Legal Tax Planning has played a crucial role while protecting the wealth of millions of people worldwide. Legal Tax Planning is a new trend among the upper tier of self employed professionals having high income. If you haven’t been involved lately in Assets and Wealth Protection then you won’t have the correct understanding of this concept right away. Legal Tax Planning includes implementation of strategies that help increasing the profit for the company and maximizing income of a self employed person. Both, income tax and corporation tax reduction strategies are advised when you plan to go for Legal Tax Planning.
Asset Protection Planning and Legal Tax Planning are important steps towards protecting wealth. Who should you rely on, an attorney, yourself or a private trust?
Private Trusts Helping You Protect Assets and Wealth
Latest developments in this category reveal that people have fallen in serious trouble by taking the initiative and implementing Asset and Wealth Protection Planning themselves. In several cases, it has led to criminal charges where people could not execute the plan in the right manner. An attorney might be a better option. However, relying on a single attorney to take care of all your assets and wealth is a risky step.
It is the reason people have lately turned to Private Trusts. A Private Trust is a properly planned legal framework which can offer appropriate Asset and Wealth Protection Planning for your business today and in the future. Recent surveys show that people have been able to find positive results by seeking different services from Private Trusts. In the current environment, Private Trusts seem to dominate the market for providing Asset and Wealth Protection solutions.
Let us share some of the services and benefits provided by a Private Trust:
1. Asset Protection – Assets no longer remain under your name and they can be protected in this way against any future claims
2. Tax Planning – By transferring assets under a Private Trust’s name, you get to defer or minimize the income tax, inheritance tax and capital gains tax
3. Estate Planning – It helps in avoiding succession laws and highly expensive probate formalities
4. Consolidation of Assets – Your financial reporting and asset management becomes simple when all your assets are transferred in the name of one holding body
5. Confidentiality – The image of you and your business no more remains vulnerable as all your assets are held by a trustee rather than under you or your beneficiaries’ name.