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protection uses various legal techniques to protect assets
of individuals and businesses from judgments. The key to
asset protection is starting early.
If you wait to begin your asset protection plan until after
you have been sued, you may run afoul of Maryland's
Fraudulent Conveyance Act.
Asset Protection is Not:
(1) Hiding assets. The purpose of
asset protection is to protect your assets and not
"hide" them from creditors.
(2) Defrauding creditors. Defrauding
another individual or business is improper and most of the
time unlawful. Asset protection helps shield your assets in
a lawful manner.
(3) Evading taxes. Similar to defrauding
creditors, evading taxes or hiding assets from the Internal
Revenue Service (IRS) or other taxing authority is improper
and unlawful. An effective asset protection plan may help
take advantage of various tax benefits or it could raise
your taxes - it all depends on your unique situation.
Asset Protection May Provide:
(1) Security. If your assets are
structured properly, creditors may find them
unattractive or unreachable. The key is to structure
your assets before a debt or liability is incurred,
which is often too late to legally begin protecting your
(2) Privacy. In the modern age of the
Internet, it is very easy to determine an individual's
wealth because of public records. A properly implemented
asset protection plan will help limit your personal
exposure in the public databases.
(3) Peace of mind. The less you, as an
individual, owns, the less you will have to worry about your
assets. A good asset protection plan will allow you to
control everything, while owning little to nothing in your
The Proy Law Firm can help you with your asset protection
Leases and Contracts
Limited Liability Companies (LLCs)