Asset protection is important for business owners because you have more liability than the average person. Employees are typically shielded from personal liability. But it’s much easier for an aggressive attorney to attack and pierce the business owner’s “corporate veil.” That means your business entity will not always protect your personal assets from being fair game.
Even a Limited Liability Company (LLC), contrary to popular belief, leaves you liable in many situations. The most common being when you’re a professional service provider. You can be personally sued if you make a mistake as a professional service provider–dentist, accountant, attorney, therapist, etc.
But there’s one trust strategy in particular that can give you many of the offshore trust benefits–while staying onshore.
It’s called the Domestic Asset Protection Trust.
So whether you have wealthy assets that need protection now, or you plan to in the future, a DAPT is one of the strongest moves you can make today for future asset protection.
Curated from Now Any Entrepreneur Can Use This Asset Protection Strategy Of The Rich [FORBES]