HOW DOES ASSET PROTECTION WORK AND WHICH ASSETS ARE MOST AT RISK FROM ATTORNEYS, AND CREDITORS?
Asset protection is the process of transferring assets into legal structures in which your personal ownership interest is shielded, minimized, or turned into a control rather than ownership interest (you control your assets but appear not to own them). Number one type of asset at risk from attack is real estate equity. Equity is current market value of a property minus any mortgages on the property. It is the easiest asset for any attorney with a judgment to attach. Next – bank accounts. Attorneys can lien or seize them. Other assets that can be liened or seized include cars, boats, planes, personal goods, accounts receivable – anything of value.
