When discussing Asset Protection I can't help but think of the lyrics of the old Janis Joplin song which goes: 'Freedom is just another word for 'nothing left to lose'!
And it's true. The one underlying principle when it comes to asset protection is this: 'Learn to be a Pauper on Paper and Live Like a King!'
We are conditioned to feed our egos and measure our success in modern society by measuring the 'stuff we own'! Look at my house! I got a new car! You get the idea. This is a flawed concept when it comes to asset protection.
The thinking must shift to: " I don't own or control anything! But I can sure live pretty good anyway!"
We must learn to give up ownership and control in a real and substantive way. And don't kid yourself. The courts today will see right through a 'sham' arrangement where it looks like you've given up control but in fact are still in the same relationship to the assets 'after' the arrangements as you were before the arrangements. Your fundamental relationship to the asset MUST change.
So the key comes down to this: how to change that relationship in such a way as to allow you the use and access, without the control and ownership, while making sure to safeguard your interests.
Be sure to understand the following terms;
1) arms length transaction
2) alter ego
3) economic reality
4) sham transaction
5) the 'form' must be supported by 'substance'
With that in mind, great things can be accomplished!
