Some family members may be immature, drink too much, be influenced easily by others, use drugs, get into accidents, or bad relationships.
It may be impossible to stop bad things from happening, or eliminate the consequences. A Private Asset Protection Plan can be a tremendous help to train those same people, encourage them to be mature and responsible, and limit the damage they cause to themselves, others, and to your own family.
As you may be aware, any mistake can incur a lawsuit, damages, judgments, or other expense. A child, spouse, or pet can create financial bankruptcy or debts lasting forever. All it takes is a dog bite, a child throwing a ball or rock, or a bicycle running into you, even while you are parked!
If you hold assets in your own name, you cannot effectively protect them after the problem arises. The moment the rock is thrown or the bicycle hits the car, you are exposed to losses for all members of the family of all assets.
Pre-planning with a Private Asset Protection Plan will give you almost total insulation for those types of attacks. Even if an attack is launched, the attack would probably be limited to the asset involved (such as ONLY the car concerning the bicycle). Other non-connected assets (like the house, the savings, the stock) would not be at risk of attack and/or loss.
The Private Asset Protection Plan calls for creation of a Private Asset Trust for each significant asset, and transfer of that asset to that particular trust. That means a separate trust for each real estate property, the bank accounts, coin collections, guns, stock, and any business assets. This also gives you privacy from public ownership and registration of gold and/or gun ownership.
Loans and Debts
The Private Asset Protection Trust Plan does not have any effect on home loans, car loans, student loans, or other debt. Normally, it has no effect on taxes either.
If you anticipate problems, get a corporate trustee or executor. A professional trustee or corporate executor may be more expensive, but could be helpful to eliminate a potential lawsuit or family conflict. Sometimes family members can be re-directed to be mad at the professional, allowing the family to be united in their situation, instead of destroying relationships.