27 Sep Asset Protection by Joseph Ashford
If you are looking for helpful advice and guidance regarding asset protection, then read on ahead for handy tips from the man himself – Joseph Ashford. By the end of this blog, you will have hopefully gained a better understanding of what asset protection is and how it can benefit you.
Asset protection – what is it?
In simplest terms, asset protection relates to using elements of common and statutory law in tandem with legislative techniques to protect the assets of companies and individuals. This technique, also known as debtor-creditor law, will provide a legal option to safeguard any assets from creditors, thereby protecting against civil money judgments.
As the man in the know, Joseph Ashford has remained at the forefront of providing solid asset protection for businesses nationwide. Regardless of which sector you work in, Joseph possesses a wide range of skills and expertise to help you manage your business in a way that mitigates any risk to your assets.
What is a civil money judgment?
Any time a decision is reached during a civil case by a court, this is counted as a civil money judgment. As the name suggests, a court has the legal authority to issue or reject civil remedies that include financial compensation. The difference between a civil judgment and a criminal one is that the former does not entail criminal sentences; however, it could lead to financial ruin.
How does asset protection work?
Asset protection, in a nutshell, involves placing assets under a different name so your net worth remains the same. A judgment will list the county in which the individual or company resides. This is where the creditor will file the judgment and any assets tied to the person or companies name will be listed as collateral in a civil money judgment.
From property holdings to bank accounts, these can be seized unless protected by a tax-neutral asset protection plan. This places your assets under a different name, thereby preventing them from being linked to any judgments. It is worth noting that this is a delay tactic designed to force creditors to waste time and money chasing dead-ends.
Joseph Ashford has helped to implement similar plans and maintains that asset protection is a necessary component in today’s modern world. This is because creditors usually have a large stack of judgments to chase and only a finite amount time and money to allocate. Statistics show that an overwhelming number of civil judgments that exceed a year are never collected on.
Joseph Ashford stresses that such a plan be sought to ensure the continued fruition of any private or corporate enterprise. As an individual with many years’ of experience, Joseph Ashford has held CEO positions with a wide range of businesses. He advises that any individual or company seeking asset protection must consider four crucial factors before proceeding:
- Who is engaged in the asset protection planning
- What the nature of the claim is
- Who the identity of the creditor is
- What the nature of the assets are
The last point is one that Joseph Ashford wants you to focus on in particular. Those with only a few assets or none at all could potentially seek bankruptcy. On the other hand, those with significant assets would greatly benefit from asset protection.
In closing, we hope that you have found this blog informative, and that it has helped to enhance your understanding of asset protection and how it can benefit you. With any luck, you should now have the facts you need to move forward and protect your assets for the future.