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Many professionals, as well as certain business owners, are, by the nature of their businesses, exposed to levels of liability that may exceed conventional insurance limits or their activities may be uninsurable altogether.
As a result of this, as well as individuals wishing to simply add additonal "layers" of protection over their assets, certain jurisdictions around the country, as well as foreign jurisdictions, have passed legislation that provides levels of privacy and protection which may not exist in the persons state of residence.
Jurisdictions such as Nevada, Delaware and Alaska allow individuals to create special entities such as "Series" LLCs, Nominee Corporations and Asset Protection Trusts which are being used by wealthy individuals to legitimately and legally protect assets from creditors and "predators" who are looking for a big payday.
People are also creating companys and trusts in foreign jurisdictions such as Nevis, Panama and Belize that have laws that make it very difficult to attach assets or even inforce a judgement from a U.S. court.
If you would like to learn more about this constantly emerging area, please call or email our office for a free, no-obligation consultation.
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