We all work very hard to acquire assets such as property, shares or Goodwill. As accountants, our mission is to help you achieve that goal. But that is only the beginning of the process. We also need to focus on protecting those assets from creditors/family breakdown.
What is Asset Protection?
Well, it is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from those that want to take it from you (Creditors.)
There’s an old saying at the casinos that If you want to be a winner, you have to walk away from the table a winner. The method of reaching this goal is to systematically take your winnings as you win them, so that your potential for losses stays small.
Asset protection planning is all about taking your winnings so that no matter what happens you are ahead in the end.
If you have something to protect then the topic of asset protection should be discussed. The key is not just about protecting assets but also about making sure that one does not end up engaging in transactions that are fraudulent in nature. This unfortunately can become a reality when it is already too late. By this stage you can become desperate and believe anything that is told to you that resinates with what you want to hear, from those who are only looking to potentially take advantage of you.
As a society, we have grown very litigious and so, protecting your assets is paramount. We can review your corporate structure and assets and advise of any potential shortcomings in the structure. This process, if too late could become a costly exercise to unravel if your structure was incorrect to begin with, but the end result is that your assets are safe and this is the ultimate goal. Sound structuring for asset protection is also crucial for those who may venture into business for the first time as late planning is one of the pitfalls, so getting it right at the start saves time and money. There is another old saying that states the best form of asset protection is to have no assets in your own name. At Vantage, we seek to not only help you acquire the assets, but also do what ever is possible to ensure you keep them.
You don’t want to build a base only to have it ripped from underneath you.
With our extensive knowledge and expertise, we can help you with asset protection in Melbourne. Arrange your free no obligation meeting.