Thursday, May 8, 2014

Asset Protection Legal Counsel

I’m a “do-it-yourselfer.”  Ask my colleagues about all the home improvement stuff that I try to do myself.  I’m pretty handy and most projects turn out really well (at least I think so).  But there are three things I won’t touch:   1) high voltage electricity  2) natural gas  3) serious plumbing (soldering copper pipes, etc.).  The reasons that I won’t mess with these are that the risks outweigh the savings I might realize by doing it myself.  For projects involving these things I willingly hire a professional – someone with experience, education, and reputation.

Some people attempt “D.I.Y.” legal matters.  Let’s put asset protection in the category of things that should not be attempted yourself, like high voltage electricity.  There’s too much at risk to structure your own asset protection plan.  Although it may not cost life and limb or cause your house to burn down, it could result in a bad outcome and you are probably better leaving it alone than trying yourself.  Please rely on experience, education, and reputation when selecting legal counsel for sophisticated planning.
A recent article in Forbes authored by Jay Atkisson sheds light on the continued scam of “asset protection kits” being sold to the public in seminars.  Be wary and do not fall for a “kit” containing asset protection secrets.  You need proper legal counsel familiar with federal and state laws in order to properly structure an asset protection plan.  Nevada remains a premier jurisdiction for domestic asset protection trusts and the attorneys at Jeffrey Burr can help you with a Nevada On-Shore Trust and other legal asset preservation techniques.

Jason C. Walker, Esq.

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