How legally to shield your wealth?
Together with our legal experts at this official site, we offer you the possibility of conceptual design consulting so that your assets, which you have worked hard to achieve, are permanently protected LEGAL.
In this context, we have taken up a current contribution, which also deals with the subject of asset protection, and expanded accordingly. With our contribution here on our homepage is already very much said to that effect, from which motives out a property protection can become necessary and that it is easily possible to reach this goal by individual and conceptual advisory accompaniment.
The following central questions stand in the focus of our consideration to the structure of a protective shield:
- What strategies are there to permanently seal private assets against access by third parties?
- How can one protect oneself against unpleasant surprises by the treasury or by creditors?
Important is always early to anticipate an asset protection plan. Those who try to protect their assets too late will most likely fail and may also be liable to prosecution. We want to avoid both by acting and not reacting.
Intelligent design consulting by the tax consultants and their experts is always forward-looking.
Fortune is not threatened only by inflation or taxes in its stock. As an entrepreneur you are threatened:
- through their own entrepreneurial activity,
- through financing,
- through divorces,
- but also inheritance cases and other influences
All these threats involve the risk of liability for creditors or third party access such as
- the tax office,
- Ex-husband / ex-wife,
- Business partners,
- Compulsory portion,
- the state.
– ASSET Protection –
In due time to withdraw operating assets and private assets from the access of third parties!
In order for business assets and in particular private assets that are separated from them to be excluded from such liability in an emergency, appropriate precautionary measures must be taken in good time. These asset protection arrangements are also referred to as asset protection in Anglo-American. Asset protection is not a separate area of law but an interdisciplinary structure that requires the cooperation of specialized lawyers, specialist lawyers and tax consultants. In the USA and England, it has long been a tradition to hedge private assets in the case of difficult-to-calculate risks of occupational activity and threatened damages claims. Meanwhile, asset protection is also becoming an increasingly important discipline in Germany.
The danger of sticking as an entrepreneur with his personal fortune has grown enormously.
Why do you need a property protection at all? Well, in this country, the fortune of natural persons is more at risk than before. The danger ranges from wasting addiction by family members or family problems such as divorce to economic difficulties. In addition, the risk of insolvency has grown and the legal framework has worsened. The danger of sticking as an entrepreneur with his personal fortune has grown enormously. The petty-bourgeois structured Germany knows no culture of failure. Anyone who fails is destroyed, first financially then socially. In other countries, such as the United States, but also in the UK many successful entrepreneurs have failed before their success at first, then learned from their mistakes and have become only first-class entrepreneurs. The societies there cultivate a more open and tolerant “culture of failure than in Germany. For this reason, too, we must protect entrepreneurs in Germany.
Many entrepreneurial activities are not insurable. In addition, a new, increasingly spreading culture of debate in Germany is to be noted. It will be dangerous if the legal dispute is also conducted internationally and the place of jurisdiction is in America, for example. Because there are much higher compensation amounts than in Germany, and the attorney fees are based on success, where the mass of entrepreneurs cleverly protected from access by third parties. Property protection is part of everyday life there and together with another culture of failure, entrepreneurs in the US are not only protected, but also able to start again after a low blow. The entrepreneur life is not prematurely consumed.
Affected by the risks are with us all wealthy individuals, either because they are organs of joint stock companies or managing one GmbH, or because they have as freelancers such as doctors, lawyers and tax consultants or as heirs to money. There are no minimum totals for asset protection. In contrast to the asset management by private banks, which are preferably active starting from sums of three million euro upwards as an asset manager, it does not matter relative to the pure asset protection whether someone possesses one or several millions or a home for 350,000 euro.
The purpose is therefore to protect all assets from loss or reduction.
This requires a tailor-made concept for each asset in order to achieve tax benefits on the one hand and to exploit the legal framework conditions as well as possible on the other hand.
It is important to start planning the asset protection in good time and not just in the crisis. Because then threatens that the transfer of property is challenged, among other things, because of intentional creditor disadvantage, or possibly even a criminal liability for fraudulent bankruptcy or creditor or debtor favoring eligible. The protection of property should thus ensure in a legal way to foreclose the private assets against a liability or creditor access, and thus to ensure the long-term economic existence of a person or the entire family .
Incidentally, this affects nearly every person in the present day, but of course entrepreneurs, board members or managing directors of corporations. In addition, asset protection is also supported by the fact that private wealth not only has a private but also an economic component. It has a positive effect on the overall economic development of a state, as it usually invests with a long-term focus. Thus, the assets contribute to the social development and the well-being of companies and institutions. However, whether this is seen as such in Germany remains questionable.
It is often recommended in asset protection strategies to use limited liability companies , limited partnerships and certain trusts to minimize personal liability.
It is not uncommon for two fundamental misunderstandings:
First, that asset protection would only be something for the very rich. And on the other hand, that such strategies – especially when it comes to foreign foundations and trusts – primarily serve tax avoidance.
Both are not true.
Asset protection strategies are quite affordable!
Almost all asset protection strategies are typically designed to protect assets and are basically very affordable. Especially when you consider the potential losses, for example, in real estate assets or company shares. Of course, a foundation is an excellent instrument for such asset protection. Because, as far as the design is concerned, there are some important prerequisites that are fundamentally protected against access by creditors of the founder. An exception is the willful disadvantage of the creditors in the context of the Anfechtungsgesetz. And of course the rules of inheritance law (possible compulsory portion of the heirs) are also to be considered.
Asset protection not only serves to hedge against depreciation, inflation or devaluation, but, in the sense of asset protection, primarily offers the possibility of protecting one’s own capital against unauthorized access by third parties. It is necessary to set the points early – not only when the child has fallen into the well. So the best way to protect your assets is to think before you know about a lawsuit, bankruptcy, or involvement in a business or investment. Properly prepared and implemented, you then enjoy a lifetime of protection.
We provide you with inspiration and advice, working with legal professionals and first-class notaries . Together, we help protect your assets.