There are various legal techniques to protect your assets. They vary depending on the type and location of property with limitations. The most essential factors of an asset protection plan are the degree of financial risk, type of assets own total net worth. The kind of asset protection you need depends on your risk factor. It is a standard part of business and estate planning. Traditional forms of asset protection techniques are gift of property, retirement plans, spendthrift provisions in life insurance, turning the business into a limited company, etc. You can also transfer a risk to an insurance company that will protect your asset.
In domestic asset protection strategy you have to legally protect your assets within the country of that you residence in. While offshore asset protection allows you to transfer your assets and form a trust in a foreign land that has anti-creditor law. It is an expensive technique that requires a lot of legal consultation and maintenance.
Properly crafted asset protection strategy could reduce the damage caused by a plaintiff's attorney. Asset protection has been practiced for ages because it is legal, effective and trusted. It is the best way to protect your savings, investments and other accumulated assets.
If you own rental property you would do well to talk to an attorney who specializes in aset protection.