Customer Reviews

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

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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.

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.