In line with The Marvont Group's previous reviews regarding the meaning of asset protection trust and simple tips on how to avoid asset protection scams, the firm will now discuss significant concepts and interesting facts that you need to know about asset protection planning.
For those who didn't know, The Marvont Group is a distinguished firm in Tokyo, Japan that focuses on asset protection. This discussion is supported by the firm's comprehensive reviews. Make sure that you'll also remember all of the information below to become familiar with asset protection.
The first thing that you need to remember in asset protection is that no one can take your assets away from you. An entity must first win a lawsuit and obtain a judgment in order to do so. A prejudgment attachment is not available in the United States as stated by The Marvont Group, except in the rarest situations, or in the case of the Internal Revenue Service (IRS), or in some divorce situations. You always have quite a long warning time.
Second, do not forget that the most effective period to apply asset protection strategies is when the financial seas are calm. Sometimes, it is too late to accomplish any critical protecting when the attacks have been mounted due to the fraudulent conveyancing laws. You work hard to make your money and The Marvont Group thinks that you should take 10% of this effort and direct it toward protecting your savings.
Third, keep in mind that judgment creditors can only take what you have and if it's not yours, they can't take it. Also, according to the review by The Marvont Group, stealth works because judgment creditors can't take something that they don't know about. Never volunteer anything.
Fourth, take note that there was no country in the world that will automatically recognize judgments from a court in the United States as per the review of The Marvont Group. The case must first be relitigated in the foreign country to register and enforce a U.S. judgment overseas (not true when it comes to certain arbitration awards which are sometimes acknowledged by virtue of a treaty). Furthermore, no country in the world recognizes tax oriented judgments from the United States. Many decline to acknowledge U.S. tort, securities and antitrust judgments. They think that the country's laws are unwise and unjust, and won't recognize judgments based upon senseless laws. This is one reason for asset protection trusts.
Fifth, bear in mind not to trust anyone with your hard-earned money, especially a foreign trust company. To guarantee that you're not vulnerable to individuals aiming to take or deal with your money without your permission, each asset protection plan should be structured.
Sixth, never combine liability generating assets in the same entity. An example provided by The Marvont Group's review states that you should never have two apartment houses owned by the same limited partnership.
Seventh, in accordance with the review of The Marvont Group, always remember that the only country in the world that allows contingent fee litigation is the United States. It is unprofessional in all other countries for an attorney to take a case on a contingent fee basis. Moreover, the plaintiff in various countries should post cash with the court to handle the defendant's fees and costs if the he or she is unsuccessful.
Eighth, note that one out of ten Americans is sued every year as reported by The Marvont Group. To illustrate, there are 13.9 malpractice claims for each 100 doctors. Four out of ten medical doctors have been sued. The average obstetrician in New York has been sued eight times and many are leaving the field. The average verdict nationwide against doctors is $1.33 million and in New York it is three times larger.
The same is true in other professions. Nowadays, there are over thousands of suits against accountants in the United States seeking over $13 billion in damages. Huge judgments are being obtained like the recent $338 million judgment against Price Waterhouse. Many large regional organizations also have gone bankrupt.
Perhaps this doesn't surprise you anymore, but attorneys are also affected by malpractice claims, even if sometimes they are the reason behind our problems.
Every single businessman, including board members, business owners, developers, and syndicators is exposed. The liability is usually based on emerging and unexpected legal theories. As an example, the partners in a well-known law firm were recently stunned when they were notified of their joint and numerous liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) for the projected $72 million toxic cleanup cost on a parcel of raw land they bought during the early 1970's.
Lastly, The Marvont Group finds that there are more than 880,000 lawyers in the United States compared with 13,500 in Japan that has been licensed to file lawsuits nowadays. It's estimated that 36 percent among these lawyers are either unemployed or underemployed. The economic incentive for these underemployed lawyers is to file suits and force settlement. It is usually less expensive to buy peace instead of fighting on principle.
Please remember that The Marvont Group never stops in providing you significant information about asset protection. They will continue to strive hard to give you only the best. With the facts given above, you're expected to become aware of asset protection planning from now on. For more information about asset protection, feel free to contact The Marvont Group through their website at http://themarvontgrp.com