Protection of Assets (POA) in the Financial Sector
Introduction: What is a Protection of Assets? The term Protection of Assets (POA) refers to the steps taken to protect one’s […]
Read More →Introduction: What is a Protection of Assets? The term Protection of Assets (POA) refers to the steps taken to protect one’s […]
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An asset protection plan is an essential legal measure that safeguards assets from the threat of a lawsuit. It’s a strategy that provides legal protections for your home, car, and other personal property if you find yourself in the unfortunate situation of being served with a lawsuit. A protection plan can be established in a variety of ways including establishing a trust, forming a Limited Liability Company or an offshore corporation, and more.
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When business owners fail to properly protect their assets, it can lead to devastating consequences. The lack of proper planning can leave them without the ability to take care of themselves and their loved ones if something does happen, such as a costly illness or accident. One major problem for small business owners is that they are not able to protect the profits and assets of their business. Another big concern is the lack of tax benefits that can be afforded by small businesses since they do not have protection from the law.
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