Keeping Your Assets Safe

All Asset Protection domestic or foreign is designed to make it difficult or impossible for any creditor to take your assets away from you. Here are the FOUR basic rules:

1. WHAT YOU DON'T OWN CAN'T BE TAKEN FROM YOU: Seems simplistic and almost moronic but think about it. The act of funding a corporation (where you are not a shareholder or beneficiary) is basically the act of transferring your assets to a different (albeit artificial) person. If you give your stuff to someone, say the XYZ Corp, and years later a creditor of yours tries to take those assets, the XYZ Corp is going to defend this by saying that they are not responsible for your debts. They can say this because the XYZ Corp is not you. It did not do the act that generated the debt. The moment you made the transfer, the assets do not belong to you. The XYZ Corp will prevail as long as the transfer to it was not a fraudulent conveyance. The assets held by this corporation should not be reflected on your balance sheet as owned by you.

2. OLD AND COLD MATTERS: Remember, the XYZ Corp will prevail as long as the transfer was not a fraudulent conveyance. One of the best ways to survive a fraudulent conveyance attack is to have what we call an old and cold Plan. If the Plan was funded a long time ago when the financial seas were calm, it is very difficult for some newly appearing creditor to get any judge or jury to believe that you funded your Plan knowing that you would be disenfranchising some future unanticipated creditor. We often tell clients that implementing and funding a Plan is just the first step in the Asset Protection process for this reason: It starts the statute of limitations running on any fraudulent conveyance claim.

3. FOREIGN IS NOT FOREIGN IN ALL CASES: A properly structured Plan implemented when the financial seas are calm does not require that protected assets be moved abroad or even put into the domination and control of a foreign trustee. If the money is currently with the Bank of America, it can stay with the Bank of America, as long as the financial seas are calm.

4. NO COUNTRY IN THE WORLD AUTOMATICALLY ENFORCES U.S. JUDGMENTS: It is enough to say that this is a key rule. Remember: NO country in the world cares about US laws, juries and judges determined to redistribute your wealth into somebody else's pocket! The US has 7 percent of the world's population, and 94 percent of the lawyers. The U.S. judicial system is considered laughable in most of the rest of the world. In short, other countries know that US courts do not dish out justice in many cases, and they do not trust US verdicts. Every country will force a retrial of the issues before enforcing a U.S. judgment. One of the nice things is that most of these countries don't permit contingent fee litigation, and they often force the person attacking you to post a bond to cover your legal fees if they lose.

For more information about Dominican Corporations and Passports, contact BankerTrust@gmail.com