Asset protection: Protect your private or business assets from creditors and insolvency
From our daily practice we know that there are a number of different ways to lose your assets and also your old age provision. The classic cases in the private sector go far beyond the extent of inflation and tax liability.
For example, a divorce is usually not only emotionally difficult for those affected, but also from a financial point of view, it can mean absolute ruin for many people. Reasonable provision for the future, for example through a marriage contract or also through cleverly selected investment models abroad can reduce or completely rule out losses.
There are also a number of scenarios in the area of inheritance and estate that require a well-planned strategy for asset protection. For example, in our law firm we frequently experience that children/heirs want to protect their parents’ money from the access of third parties in the event of an impending stay in a home, in order not to lose the heir to the social welfare office. The opposite case also occurs again and again: parents/leaverstry to secure their assets from their own children , or to cancel the partial right to a compulsory portion.
Of course, the private assets of freelancers and entrepreneurs are also required, who in the course of their activities repeatedly take financial risks and are liable with their private assets, special protection. Particular emphasis should be placed here on developing a future-proof and legally sound asset protection strategy, in order to protect private assets from creditors, banks and the tax office. The same also applies for private individuals, who take a high risk through investments (real estate, securities transactions, etc.)
As a Advocate for Asset Protection, it is my task to work with you to develop a long-term concept and an investment strategy that will reliably protect your assets from third-party access.
Examination of existing plants and protection strategies
The advertising promises of financial houses and “experts” in the area of asset protection often sound too good to be true. All too seldom are the advisors and their products critically questioned by the affected investors . In practice, however, it often turns out that even among the supposed experts in the field of asset protection, the sale of financial products is in the foreground. The actual protection of the assets becomes a minor matter here. In our regular legal reviews of investment strategies , it becomes clear that the chosen strategy and the financial products purchased usually do not stand up to legal scrutiny, despite apparently “competent” advice. Dangerous half-knowledge on the part of advisors and financial houses, as well as insufficient legal protection for investors, often lead to inadequate asset protection strategies . If you, too, are planning a strategy with your financial advisor to protect your assets from seizure, for example, it is always advisable to get a second opinion. We would be happy to advise you independently on the previously chosen strategy or to work with you to develop a suitable concept for the protection of your assets.
Asset Protection: A short definition
Asset protection” refers to measures which, within the framework of the legal situation, secure assets in the long term. For entrepreneurs and freelancers, it is important to prevent business risks and liability through private assets as far as possible.
How we support you as a lawyer in the area of asset protection:
- Planning and advice on protection of assets abroad
- Audit of the legal security for asset protection installations at home and abroad
- Advice on the provision of old-age provision for self-employed persons and entrepreneurs
- Protection of one’s own estate from access by authorities and creditors
- Drafting of wills
- Strategy for building up non-garnishable assets
- Drafting of marriage contracts
- Testing of existing installations for security
Helpful further articles on the subject of asset protection:
- Life insurance in Liechtenstein: Asset protection with total default risks
- Small or large matrimonial property regime swing for asset protection – absolutely legal design – or tax evasion deluxe?
- How relatives are exempted from having to reclaim social assistance for care costs
- Asset Protection: How millionaires are misled by financial planners and consultants
Our office in Munich
You will find our office at Fasolt-Strasse 7 in Munich, very close to Schloss Nymphenburg. Our team consists of highly motivated attorneys who are available for all the needs of our clients. In special cases, our law firm cooperates with selected experts to represent your interests in the best possible way.
About the author
PhD, MBA, MM
Dr. Johannes Fiala has been working for more than 25 years as a lawyer and attorney with his own law firm in Munich. He is intensively involved in real estate, financial law, tax and insurance law. The numerous stages of his professional career enable him to provide his clients with comprehensive advice and to act as a lawyer in the event of disputes.
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On these pages, Dr. Fiala provides information on current legal and economic topics as well as on current political changes that are of social and/or corporate relevance.
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