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Asset protection mitigates against the financial risk of losing your personal assets to a third party. Assets can come under threat when a business or individual faces a public liability claim, professional negligence claim or when creditors cannot be repaid.
Asset protection involves careful planning to ensure that certain personal assets are not implicated in affairs relating to third parties who are taking legal action against you in a bid to recover money owed to them. Your assets will be safe from the risk of attack and will remain your property.
The transfer of property from one spouse to another is a common transfer that requires some sort of protection, thus ensuring that the property is not at risk of being claimed by a third party in the event that one of the spouses is liable for a sum of debt. Also, having assets removed from a will can also be considered if it is likely that the will may be challenged by a third party. Trusts also offer a form of asset protection as bankruptcy laws prevent creditors from laying claim to assets that are owned by trusts.
Putting together an asset protection plan is a smart decision that often results in protection against third parties, liability reduction, privacy and confidentiality during transfers.
If you would like more information or advice regarding Asset Protection or if you have another Wills & Estate Planning matter, please complete and submit the express enquiry form on the top right hand side of this page or call us on +61 2 9223 9166 to arrange an appointment.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.