Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors [Paperback]

Alan Northcott (Author)

Book Description

Publication Date: September 1, 2009

Congratulations! You have worked hard for many years and own a booming business; or perhaps you are a successful doctor, attorney, CPA, or another high-income earner. Making that money was difficult; now, you have to create a strategy to keep it. Unfortunately, you are on the radar with pending lawsuits from other businesses, employees, business partners, past marriages, relatives, the government, or anyone else who thinks they can reach your assets. With a little knowledge and access to the Internet, anyone can discover a lot of information about you, including: your home, cars, boats, real estate, bank, and investment accounts - essentially everything you own. On average, 80,000 lawsuits were filed in 2006 each day. Fortunately, you can act now to protect yourself and family later. In this easy-to-read and comprehensive book, you will learn the simple steps you need to do to protect yourself before there is a problem. The book provides a number of worksheets to help you decide the best plan of action for your financial position and personal needs. You will learn the ins and outs of protecting yourself and your family through legal methods, such as corporations, family limited partnerships and trusts, family saving trusts, offshore trusts corporations, and limited liability companies (LLCs). You will learn how to reposition your assets into legal entities that you control, creating bullet-proof security. You will learn about irrevocable living trusts, creating and maintaining LLCs, equity-stripping techniques, privacy plans, durable power of attorney, bankruptcy legislation, and estate planning for high-income individuals, as well as living, testamentary, and pour-over wills. The trick is to own nothing directly but control everything legally.

Product Details

• Paperback: 288 pages
• Publisher: Atlantic Publishing Group (FL) (September 1, 2009)
• Language: English
• ISBN-10: 1601380054
• ISBN-13: 978-1601380050
• Product Dimensions: 8.8 x 5.9 x 0.9 inches
• Shipping Weight: 12 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #156,838 in Books (See Top 100 in Books)
  • #18 in Books > Law > Business > Bankruptcy

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Customer Reviews

Most Helpful Customer Reviews

4 of 5 people found the following review helpful:

5.0 out of 5 stars Well Organized, Clear, Informative -, October 8, 2009

By 

Loyd E. Eskildson "Pragmatist" (Phoenix, AZ.) - See all my reviews
(HALL OF FAME REVIEWER)    (REAL NAME)   

This review is from: Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors (Paperback)

Northcott introduces his topic by reminding targeted readers that they've worked hard for many years and have achieved a measure of success. Making that money was difficult - now they have to create a strategy to keep it because they're on the radar with pending lawsuits (80,000+/day) from other businesses, partners, employees, government, relatives, neighbors, and other parties.

"Asset Protection" then tells readers about irrevocable living trusts, creating and maintaining LLCs, equity-stripping techniques, durable powers of attorney, estate planning, and wills. The trick, says Northcott, is to own nothing directly, but control it all legally.

The material is presented logically and clearly, though it often resembles a 270+ page commercial for various attorneys and others in the business of helping clients protect assets. Further, it is not a detailed 'do-it-yourself' book - if that is even possible. Nonetheless, "Asset Protection" provides a good framework for those with assets needing more than basic insurance and homestead exemption protections. It is best read now, rather than later when facing imminent disaster; however, examples are provided where even last-minute assistance has been useful.

3 of 4 people found the following review helpful:

5.0 out of 5 stars High-yielding Investment, May 29, 2010

By 

B. Parent "Marlene J" (Virginia) - See all my reviews
(REAL NAME)   

This review is from: Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own from Lawsuits and Creditors (Paperback)

So what does a book about asset protection have to do with the average American business owner who may be wondering if they will be able to pay the weekly salary of their two, already underpaid employees? Plenty, I had to admit after reading "Asset Protection for Business Owners and High-Income Earners: How to Protect What You Own From Lawsuits and Creditors" by Alan Northcott.

With 290 pages to spare, Northcott uses this space wisely, by laying out the case for the necessity that is asset protection. "...[C]omplacency is not an option," he writes, because after all, there is a one in five-- or three-- chance that you may be sued next year.

Then, in simple, layman's terms and through the use of sporadic personal case studies, he makes an excellent argument for why it is a good idea to (figuratively, and as the book cover suggests) keep assets under lock and key plus why business assets should be separated from personal assets. Covering such useful topics as the how tos of business entity formation, prenuptual agreements, wills, and more, he gets to the bottom line: If you value it, protect it. The book is an excellent read for any ethical-non-Swiss-account-holding business owner.