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Asset Protection Attorney: Information Security Policies: Foundations of Asset Protection

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Information Security Policies: Foundations of Asset Protection

Information security policies, whether corporate policies, business unit policies, or regional entity policies provide the requirements for the protection of information assets. An information security policy is often based on the guidance provided by a frame work standard, such as ISO 17799/27001 or the National Institutes of Standards and Technology's (NIST) Special Publication (SP) 800 series standards. The Standards are effective in providing requirements for the "what" of protection, the measures to be used, the "who " and "when" requirements tend to be organization-specific and are assembled and agreed based on the stakeholders' needs.

Governance, the rules for governing an enterprise are addressed by security-relevant roles and responsibilities defined within the policy. Decision making is a key governance activity performed by individuals acting in roles based on delegated authority for making the decision and oversight to verify the decision was properly made and appropriately implemented. Aside from requirements for protection measures, policies carry a variety of basic concepts throughout the entire document. Accountability, isolation, deterrence, assurance, least privilege and separation of duties, prior granted access, and trust relationships are all concepts with broad application that should be consistently and appropriately applied.

Policies should ensure compliance with applicable statutory, regulatory, and contractual requirements. Auditors and corporate counsel often provide assistance to assure compliance with all requirements. Requirements to resolve stakeholder concerns may be formally or informally presented. Needs for the integrity of systems and services, the availability of assets when needed, and the confidentiality of sensitive information can vary significantly based on cultural norms and the perceptions of the stakeholders.

The criticality of the business processes supported by specific assets presents protection issues that must be recognized and resolved. Risk management requirements for the protection of especially valuable assets or assets at special risk also present important challenges. NIST advocates the categorization of assets for criticality, while asset classification for confidentiality is a long standing best practice.

Requirements for policy may arise from a contractual source or from a partner's request, the Payment Card Industry's Data Security Standard (PCI DSS) requires a policy addressing the Standard's requirements that applies to all assets within the scope of the standard. DSS requirements can be integrated into a single corporate policy but given the stringency of the requirements an enterprise may elect to segregate protection domains with separate dedicated policies so that less stringent requirements are applied to assets outside the scope of the DSS, saving resources and tailoring protection based on the lesser perceived threat/risk to the assets.

Risk assessments are an important source of policy requirements that are specific to the environment and assets to be protected. Risk mitigation measures based on an assessment of risk and the assets at risk allows managers the opportunity to weigh investment against potential damage to reach a level of risk acceptable to the decision makers.

Attacks targeting online applications and their data have become an issue of well-founded concern, policy should focus on risks in this area by specifically addressing the software development lifecycle and measures to ensure bespoke applications are sufficiently robust to withstand common attacks.

Policies should be reviewed and accepted at senior levels, ensuring the policy's authorizing authority has the stature necessary to make policy compliance mandatory. An authorization process to document and approve instances of noncompliance should also be provided. Often a compliance window is granted to allow time for the implementation of the policy by all applicable organizational entities.

Auditors often provide assurance of compliance as a result of their activities. The senior Auditor is also an important stakeholder and reviewer of policy drafts and amendments. Policies should be reviewed on an agreed schedule, often every two or three years. Changes in technology, evolution of business objectives and changes to the organization's goals and processes all act to invalidate and outdate a policy. Keeping the policy fresh and relevant is essential to providing appropriate protection to important assets and supporting mission performance.

ISO 17799/27001 and NIST SP800-53A Revision3 both provide a long list of information protection best practices. There is frequently an inclination to declare one of the documents to be the corporate standard and demand policy comply with the corporate standard. Ignoring cost issues, there are several important things wrong with this approach, first and most importantly, it ignores risk realities. Best practices are the average, where extraordinary risks exist, they are too weak and where risk is significantly below average they are too strong, wasting resources. Policy should be based on reality, not an idealized set of homogenized requirements. Arguably the correct approach is to begin with a standard and bend it to fit the shape of the enterprise. There is one exception to this rule, shops that run an absolutely standard architecture can benefit from the simplicity and straightforward nature of a standardized policy. Governance issues remain and should be dealt with quickly and cleanly as exceptions.

Security guidelines, component configuration standards, and standard operating procedures are based on and build on the information security policy. Care should be exercised that the documents are consistent with each other and are reviewed and exercised for correctness and reliability. Security training is often based on the detailed documents ultimately leading to repeatable processes and a predictable level of protection being realized.

An information security policy is a necessary first step in securing an environment and providing appropriate protection to all information assets. Building consensus around a policy is an effective approach to resolving concerns and resistance to the idea of mandated controls. Listening to and involving stakeholders while ensuring the policy reflects their issues will go a long way in gaining acceptance of the program of protection.

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Asset Protection Lawyer - Asset Protection - Protecting Yourself in a Divorce

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Asset Protection Guide:

The strange and sometimes puzzling evolutions in the business world ask for more and more secure methods of protecting the client's assets. In spite of all popular articles claiming the right to be taken into consideration, asset protection strategies depend on individual perceptions. Each person involved in a business is supposed to choose his own means to protect his assets. His decision is crucial but it can be changed by several factors. First element which enters the system of asset protection strategies is considered to be the counselor. He can be a lawyer or not. His position is not really important. Most important fact about a counselor is to understand his client's business and to be able to offer the appropriate advice. He is the most significant element which decides upon asset protection strategies. A counselor must be well informed about all law changes so he can direct his client in the right way. If the relation between two of them respects the basic principles of communication then results are fortunate. Each counselor has to know everything about his client's business as long as he is supposed to guide him towards financial success. However each person owning a business has the right to decide on his future movements. Even if a counselor does try to influence him the final move depends on the client's dynamic character.

A business man might be misguided by his private counselor. Applying asset protection strategies means playing with the law system. This is not about violating basic principles. Most of all is about discovering original ways which might give someone the chance to take advantage in certain situations. For example the principle of LLC might prove extremely operative. But if there are not any experienced persons behind the business master then he would probably miss this hint. The asset protection strategies system is quite sinuous and requires a capable person who is able to explain the basic rules.

People involved in a business might take this fact as a childish game and enjoy playing till the end. First of all, people are supposed to think about asset protection strategies. If taken into consideration right from the beginning then things are really simple. So the business man will enjoy his position being already protected against all possible dangers. If his counselor prescribes him the appropriate asset protection strategies then he does not have to worry about future success. From now on procedures are not so complicated. They remain exhausting but they are pleasant in a way. They are pleasant because they prove their efficiency. They are no longer insecure means of gaining money. Taking real advantage of the asset protection strategies means finding all the possible ways towards financial success. No one should miss this valuable tip of the presence of the counselor. Once a business is getting stronger and stronger, its owner must thing about all opportunities to protect his money. Of course that a counselor would always come with additional information but the final decisions belongs to the client. He is the only person who can decide upon asset protection strategies. He can say if certain strategies are compatible with his expectations. A counselor might always suggest something but if his client does not want to respect the plan then the deal is violated. There are no formal procedures to punish such a decision. The business man might be right. He knows his business. Maybe the counselor is wrong. There are numerous possible situations. But a good counselor would always be able to offer a good advice. So asset protection strategies might be best suggested only by a counselor.

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Asset Protection Lawyer - A Guide to Asset Protection

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There are certain key elements you want to protect during a divorce. Asset Protection in a divorce usually consists of actions involving a spouse. Spouses who want to protect there finances and avoiding splicing property up. Personal property and marital property are the assets they are looking to protect. Even if the said property is in a single name. It may still be subject to division under the laws of the state or court system.

Inheritance and distinct property can possibly be separate from marital property. But individual property can and does sometimes get mixed up with marital property. If you have personal property such as money that was put into any marital accounts after you were married. These funds are now marital property.

This instance is where it would have been handy to have had a prenuptial agreement. This in turn would have helped to keep your assets safe. But if there is no such agreement your most likely going to loose at least have of those funds.

In this case protecting your individual assets would have saved you a lot of trouble. This would be called an Individual Asset Protection. This would have been included in the a fore mentioned prenuptial. Simply put, To keep your asset's safe you would have just not included these funds in the marital accounts. In this light a prenuptial is not necessary to protect yourself with asset protection.

If before marriage, All to keep Asset Protection in a divorce. Just keep your accounts separate and you will have used Asset Protection in divorce. As you can see Asset Protection can be very simple or very complicated. Especially if involving a court of law. You never know what a judge of the courts may do or order during a divorce.

You may have certain other rights in your state of jurisdiction. Remember that some states don't allow the protection of asset's in any circumstance. Know your state and local laws in this area. Also certain country's don't allow asset protections in any form.

Have your asset's planned before you get married to avoid any hatred or despise for the other party. It is that simple to make asset protection in a divorce work for both party's involved.

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Asset Protection Attorney: Information Security Policies: Foundations of Asset Protection

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An asset protection trust offers a perfect solution for holding certain assets (life insurance policies, cash investments, real property, etc) for a specific beneficiary, which can be a group or a single person. There are several different advantages to transferring the personal belongings into a trust. Here are several of the key advantages that might be worth considering:

Protection from fees related to care homes - If an elderly relative needs to go into a long-term residential home, it is often the case that the associated costs will need to be personally met. A common way for the local authorities to receive funds for the long-term care is to essentially inherit the assets, with your main asset relating to the home.

By taking the action at an early stage that is well ahead of requiring any potential care assistant, you are able to protect the home and make certain the full benefit of the property is passed on to the chosen family members.

A highly effective solution for solving matters relating to inheritance - An asset protection trust can make it easier to transfer the belongings in the event of death (due to no transfer of ownership), and makes sure the assets are given to the persons identified at the time of writing the will. If the family circumstances are quiet involved where step-children might feature or where a marriage has broken down, you will likely find that using a trust can make the process go that much smoothly.

Helps to protect the inheritance from creditors - In a situation where a beneficiary of a Will is expensive financial difficulties with debts, any money that is automatically transfer via the information given in a Will could be seized from them by the creditors seeking to recover outstanding debts. But, since any assets transferred to a trust will remain part of the trust even after death, they aren't collectible by the creditors and will remain the full property of the beneficiaries.

Making certain those in need are given the right help - A further quality aspect to relying on the asset protection trust companies is to help those beneficiaries that might not be able to manage on their own. Whether this might relate to someone who often makes poor decisions or physically impaired, a trust is able to give specific guidance on how the benefit is passed to an individual to make certain they are cared for and provided long-term security.

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Asset Protection Lawyer - Asset Protection Planning - Why Go Offshore

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Information Security Policies: Foundations of Asset Protection

Information security policies, whether corporate policies, business unit policies, or regional entity policies provide the requirements for the protection of information assets. An information security policy is often based on the guidance provided by a frame work standard, such as ISO 17799/27001 or the National Institutes of Standards and Technology's (NIST) Special Publication (SP) 800 series standards. The Standards are effective in providing requirements for the "what" of protection, the measures to be used, the "who " and "when" requirements tend to be organization-specific and are assembled and agreed based on the stakeholders' needs.

Governance, the rules for governing an enterprise are addressed by security-relevant roles and responsibilities defined within the policy. Decision making is a key governance activity performed by individuals acting in roles based on delegated authority for making the decision and oversight to verify the decision was properly made and appropriately implemented. Aside from requirements for protection measures, policies carry a variety of basic concepts throughout the entire document. Accountability, isolation, deterrence, assurance, least privilege and separation of duties, prior granted access, and trust relationships are all concepts with broad application that should be consistently and appropriately applied.

Policies should ensure compliance with applicable statutory, regulatory, and contractual requirements. Auditors and corporate counsel often provide assistance to assure compliance with all requirements. Requirements to resolve stakeholder concerns may be formally or informally presented. Needs for the integrity of systems and services, the availability of assets when needed, and the confidentiality of sensitive information can vary significantly based on cultural norms and the perceptions of the stakeholders.

The criticality of the business processes supported by specific assets presents protection issues that must be recognized and resolved. Risk management requirements for the protection of especially valuable assets or assets at special risk also present important challenges. NIST advocates the categorization of assets for criticality, while asset classification for confidentiality is a long standing best practice.

Requirements for policy may arise from a contractual source or from a partner's request, the Payment Card Industry's Data Security Standard (PCI DSS) requires a policy addressing the Standard's requirements that applies to all assets within the scope of the standard. DSS requirements can be integrated into a single corporate policy but given the stringency of the requirements an enterprise may elect to segregate protection domains with separate dedicated policies so that less stringent requirements are applied to assets outside the scope of the DSS, saving resources and tailoring protection based on the lesser perceived threat/risk to the assets.

Risk assessments are an important source of policy requirements that are specific to the environment and assets to be protected. Risk mitigation measures based on an assessment of risk and the assets at risk allows managers the opportunity to weigh investment against potential damage to reach a level of risk acceptable to the decision makers.

Attacks targeting online applications and their data have become an issue of well-founded concern, policy should focus on risks in this area by specifically addressing the software development lifecycle and measures to ensure bespoke applications are sufficiently robust to withstand common attacks.

Policies should be reviewed and accepted at senior levels, ensuring the policy's authorizing authority has the stature necessary to make policy compliance mandatory. An authorization process to document and approve instances of noncompliance should also be provided. Often a compliance window is granted to allow time for the implementation of the policy by all applicable organizational entities.

Auditors often provide assurance of compliance as a result of their activities. The senior Auditor is also an important stakeholder and reviewer of policy drafts and amendments. Policies should be reviewed on an agreed schedule, often every two or three years. Changes in technology, evolution of business objectives and changes to the organization's goals and processes all act to invalidate and outdate a policy. Keeping the policy fresh and relevant is essential to providing appropriate protection to important assets and supporting mission performance.

ISO 17799/27001 and NIST SP800-53A Revision3 both provide a long list of information protection best practices. There is frequently an inclination to declare one of the documents to be the corporate standard and demand policy comply with the corporate standard. Ignoring cost issues, there are several important things wrong with this approach, first and most importantly, it ignores risk realities. Best practices are the average, where extraordinary risks exist, they are too weak and where risk is significantly below average they are too strong, wasting resources. Policy should be based on reality, not an idealized set of homogenized requirements. Arguably the correct approach is to begin with a standard and bend it to fit the shape of the enterprise. There is one exception to this rule, shops that run an absolutely standard architecture can benefit from the simplicity and straightforward nature of a standardized policy. Governance issues remain and should be dealt with quickly and cleanly as exceptions.

Security guidelines, component configuration standards, and standard operating procedures are based on and build on the information security policy. Care should be exercised that the documents are consistent with each other and are reviewed and exercised for correctness and reliability. Security training is often based on the detailed documents ultimately leading to repeatable processes and a predictable level of protection being realized.

An information security policy is a necessary first step in securing an environment and providing appropriate protection to all information assets. Building consensus around a policy is an effective approach to resolving concerns and resistance to the idea of mandated controls. Listening to and involving stakeholders while ensuring the policy reflects their issues will go a long way in gaining acceptance of the program of protection.

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Lindon Utah Co. UT contesting a will

Asset Protection Lawyer: The New Asset Protection Strategy in Divorce Cases

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To safeguard your rental assets and properties there are some simple things that you may consider.

Prepare a strong and sound lease agreement

When there is some problem with the tenants or with your property, the first and foremost thing is to produce the lease agreement in the court of laws. A vital aspect of a lease agreement is to obey the state and local laws. So your chief requirement should be an airtight lease agreement.

Purchase properties in the name of a legal entity

Always try to build a legal entity under the name of which you could purchase property. Also ensure to have a joint ownership of the property. This would help avoid problems related to suing or litigation by others. As when you own a property in your name, it will instantly show up as an asset if someone chooses to sue you and this can call for serious legal problems.

You should also restrict the number of properties that each of your legal entities own as all the other undertaken properties would be susceptible, if even one among them is litigated. Hire reputable providers for proper asset protection services, when you find self-management difficult.

Provide appropriate legal disclosures to the tenants

You must give the tenants the most authentic and legal real estate disclosures while they are signing the agreement. An agreement with loop holes can make your tenants are successful in suing you if they wish to. Remember to check all your local landlord and real estate laws before creating the agreement and if required contact a local real estate lawyer specializing in landlord-tenant law.

Decent property management and tenant screening

Screening tenants is a real tactful and hard job, requires keen investigating knowledge and proper assessment, understanding for scrutinizing both individual and business tenants. The main purpose of this screening is to evaluate the probability of the tenant in fulfilling the terms of the rental agreement and also in taking care of the rental property in question.

Property management is an equally important aspect of property protection. It's always true that a good landlord who responds to his tenants when they call for a problem or concern about their legal assets, are less likely to be sued. So keeping a good rapport with your tenant is very essential. You can even hire property managers instead to help you manage and protect your rental properties in an efficient way.

All of these can prove to be highly time consuming and complex for most of you, so opting for some asset protection services could help greatly in bringing down all the hard work and tension related to managing your rental property.

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Lehi Utah Co. UT living will lawyer

Asset Protection Lawyer - A Guide to Asset Protection

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Information Security Policies: Foundations of Asset Protection

Information security policies, whether corporate policies, business unit policies, or regional entity policies provide the requirements for the protection of information assets. An information security policy is often based on the guidance provided by a frame work standard, such as ISO 17799/27001 or the National Institutes of Standards and Technology's (NIST) Special Publication (SP) 800 series standards. The Standards are effective in providing requirements for the "what" of protection, the measures to be used, the "who " and "when" requirements tend to be organization-specific and are assembled and agreed based on the stakeholders' needs.

Governance, the rules for governing an enterprise are addressed by security-relevant roles and responsibilities defined within the policy. Decision making is a key governance activity performed by individuals acting in roles based on delegated authority for making the decision and oversight to verify the decision was properly made and appropriately implemented. Aside from requirements for protection measures, policies carry a variety of basic concepts throughout the entire document. Accountability, isolation, deterrence, assurance, least privilege and separation of duties, prior granted access, and trust relationships are all concepts with broad application that should be consistently and appropriately applied.

Policies should ensure compliance with applicable statutory, regulatory, and contractual requirements. Auditors and corporate counsel often provide assistance to assure compliance with all requirements. Requirements to resolve stakeholder concerns may be formally or informally presented. Needs for the integrity of systems and services, the availability of assets when needed, and the confidentiality of sensitive information can vary significantly based on cultural norms and the perceptions of the stakeholders.

The criticality of the business processes supported by specific assets presents protection issues that must be recognized and resolved. Risk management requirements for the protection of especially valuable assets or assets at special risk also present important challenges. NIST advocates the categorization of assets for criticality, while asset classification for confidentiality is a long standing best practice.

Requirements for policy may arise from a contractual source or from a partner's request, the Payment Card Industry's Data Security Standard (PCI DSS) requires a policy addressing the Standard's requirements that applies to all assets within the scope of the standard. DSS requirements can be integrated into a single corporate policy but given the stringency of the requirements an enterprise may elect to segregate protection domains with separate dedicated policies so that less stringent requirements are applied to assets outside the scope of the DSS, saving resources and tailoring protection based on the lesser perceived threat/risk to the assets.

Risk assessments are an important source of policy requirements that are specific to the environment and assets to be protected. Risk mitigation measures based on an assessment of risk and the assets at risk allows managers the opportunity to weigh investment against potential damage to reach a level of risk acceptable to the decision makers.

Attacks targeting online applications and their data have become an issue of well-founded concern, policy should focus on risks in this area by specifically addressing the software development lifecycle and measures to ensure bespoke applications are sufficiently robust to withstand common attacks.

Policies should be reviewed and accepted at senior levels, ensuring the policy's authorizing authority has the stature necessary to make policy compliance mandatory. An authorization process to document and approve instances of noncompliance should also be provided. Often a compliance window is granted to allow time for the implementation of the policy by all applicable organizational entities.

Auditors often provide assurance of compliance as a result of their activities. The senior Auditor is also an important stakeholder and reviewer of policy drafts and amendments. Policies should be reviewed on an agreed schedule, often every two or three years. Changes in technology, evolution of business objectives and changes to the organization's goals and processes all act to invalidate and outdate a policy. Keeping the policy fresh and relevant is essential to providing appropriate protection to important assets and supporting mission performance.

ISO 17799/27001 and NIST SP800-53A Revision3 both provide a long list of information protection best practices. There is frequently an inclination to declare one of the documents to be the corporate standard and demand policy comply with the corporate standard. Ignoring cost issues, there are several important things wrong with this approach, first and most importantly, it ignores risk realities. Best practices are the average, where extraordinary risks exist, they are too weak and where risk is significantly below average they are too strong, wasting resources. Policy should be based on reality, not an idealized set of homogenized requirements. Arguably the correct approach is to begin with a standard and bend it to fit the shape of the enterprise. There is one exception to this rule, shops that run an absolutely standard architecture can benefit from the simplicity and straightforward nature of a standardized policy. Governance issues remain and should be dealt with quickly and cleanly as exceptions.

Security guidelines, component configuration standards, and standard operating procedures are based on and build on the information security policy. Care should be exercised that the documents are consistent with each other and are reviewed and exercised for correctness and reliability. Security training is often based on the detailed documents ultimately leading to repeatable processes and a predictable level of protection being realized.

An information security policy is a necessary first step in securing an environment and providing appropriate protection to all information assets. Building consensus around a policy is an effective approach to resolving concerns and resistance to the idea of mandated controls. Listening to and involving stakeholders while ensuring the policy reflects their issues will go a long way in gaining acceptance of the program of protection.

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Asset Protection Attorney: Asset Protection and Charging Orders - What They Are - How They Work

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Asset protection is one of the primary purposes for creating a limited liability company ("LLC"). LLCs provide two types of asset protection: (1) protecting the members from the liabilities of the company (sometimes called protection from "inside liabilities") and (2) protecting the assets of the LLC from the liabilities of the members (sometimes called protection from "outside liabilities").

If an LLC owns a rental house and the tenant sues the LLC because they slipped and fell down the stairs, this is an example of an inside liability. The general rule is that the tenant can sue the LLC, but they cannot go after the assets of the members unless they can pierce the corporate veil of the LLC. Piercing the corporate veil is very difficult to do. The test for a piercing of the corporate veil may vary slightly from state to state, but generally the tenant must prove that the LLC is the alter-ego of the member, and that the member has not treated the LLC as a separate and distinct legal entity. Because the laws protecting the members from an inside liability are similar in every state, the asset protection against inside liabilities is similar regardless of where the LLC is filed.

If a member is a physician and is sued for malpractice, the creditor may attempt to go after the assets of the LLC in order to collect on the judgment. This is an example of an outside liability because a creditor of a member is seeking to get into the LLC through the member. The remedies available to a creditor of a member vary greatly from state to state. In some states, the creditor of a member has a right to foreclose on the members interest and become the owner of it. In other states, the creditor of a member is limited to a charging order. A charging order is a court order which requires the LLC to pay any distributions that otherwise would have been paid to the member directly to the creditor. A charging order is not a good remedy for a creditor because the creditor is only entitled to distributions if the LLC decides to make a distribution; a creditor cannot force a distribution to be made. Therefore, an LLC offers greater asset protection if it is governed by the laws of a jurisdiction that strictly limits the remedies of a creditor.

Most if not all states follow the "internal affairs doctrine" established by the United States Supreme Court. This doctrine says that the internal affairs of a company are governed by the laws of the state where the company is filed, not the laws where the business activities take place or where the members are located. In fact, most states have a statutory provision stating that the internal affairs of an LLC are governed by the laws of the jurisdiction where the LLC was filed. This means that if an LLC is filed in Alaska and a California resident sues another California resident who is a member of the Alaska LLC for a tort committed in California, the issue as to whether the creditor can get information or assets from the LLC is governed by the laws of Alaska and not the laws of California. In other words, the state where an LLC is filed is critical in determining the asset protection provided by the LLC from outside liabilities.

Another issue affecting the asset protection provided by an LLC is confidentiality. In some states, the members and managers of an LLC are required to be disclosed and included in the state records which are available to the public. In other states, the members and managers are not made a part of the public record. Many people feel that they have better asset protection if the identity of the members and managers are not made public.

Having studied the laws of every state in this regard, and having read many scholarly articles on the subject, it is my opinion that Alaska provides the strongest asset protection against outside liabilities because they not only limit the remedies of a creditor of a member to a charging order, but they also prohibit a creditor from obtaining a court order for inquiries, accountings or directions (see Alaska Statutes 10.50.380). Several other states expressly limit the remedies of a creditor to a charging order, which should also be sufficient to prevent a creditor of a member from collecting from an LLC.

When it comes to confidentiality, I believe that the New Mexico LLC is the best option because there is no public disclosure of members and managers and no requirement for the filing of an annual report.

Nevis is a country in the Caribbean that has the best LLC laws in the world. Nevis LLCs offer the strongest asset protection and confidentiality of any jurisdiction. Nevis LLCs can be created and maintained without excessive cost or complexity. Any business or assets can be owned by a Nevis LLC, wherever it is located. If you want the strongest asset protection available, I recommend a Nevis LLC.

If you want the best LLC within the United States, I feel that Alaska is the best option for asset protection purposes and New Mexico is the best for confidentiality of managers and members. Alaska has a convenient online filing system, but New Mexico has lower filing fees and zero annual renewal fees. In conclusion, it is important to note that the laws described in this article are apt to change from time to time. This article is provided for informational purposes and should not be used as legal advice for any specific situation. Readers are advised to seek competent legal counsel in designing and creating limited liability companies or engaging in asset protection planning.

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Asset Protection Lawyer - Selecting the Jurisdiction of a LLC For Maximum Asset Protection

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Asset protection is one of the primary purposes for creating a limited liability company ("LLC"). LLCs provide two types of asset protection: (1) protecting the members from the liabilities of the company (sometimes called protection from "inside liabilities") and (2) protecting the assets of the LLC from the liabilities of the members (sometimes called protection from "outside liabilities").

If an LLC owns a rental house and the tenant sues the LLC because they slipped and fell down the stairs, this is an example of an inside liability. The general rule is that the tenant can sue the LLC, but they cannot go after the assets of the members unless they can pierce the corporate veil of the LLC. Piercing the corporate veil is very difficult to do. The test for a piercing of the corporate veil may vary slightly from state to state, but generally the tenant must prove that the LLC is the alter-ego of the member, and that the member has not treated the LLC as a separate and distinct legal entity. Because the laws protecting the members from an inside liability are similar in every state, the asset protection against inside liabilities is similar regardless of where the LLC is filed.

If a member is a physician and is sued for malpractice, the creditor may attempt to go after the assets of the LLC in order to collect on the judgment. This is an example of an outside liability because a creditor of a member is seeking to get into the LLC through the member. The remedies available to a creditor of a member vary greatly from state to state. In some states, the creditor of a member has a right to foreclose on the members interest and become the owner of it. In other states, the creditor of a member is limited to a charging order. A charging order is a court order which requires the LLC to pay any distributions that otherwise would have been paid to the member directly to the creditor. A charging order is not a good remedy for a creditor because the creditor is only entitled to distributions if the LLC decides to make a distribution; a creditor cannot force a distribution to be made. Therefore, an LLC offers greater asset protection if it is governed by the laws of a jurisdiction that strictly limits the remedies of a creditor.

Most if not all states follow the "internal affairs doctrine" established by the United States Supreme Court. This doctrine says that the internal affairs of a company are governed by the laws of the state where the company is filed, not the laws where the business activities take place or where the members are located. In fact, most states have a statutory provision stating that the internal affairs of an LLC are governed by the laws of the jurisdiction where the LLC was filed. This means that if an LLC is filed in Alaska and a California resident sues another California resident who is a member of the Alaska LLC for a tort committed in California, the issue as to whether the creditor can get information or assets from the LLC is governed by the laws of Alaska and not the laws of California. In other words, the state where an LLC is filed is critical in determining the asset protection provided by the LLC from outside liabilities.

Another issue affecting the asset protection provided by an LLC is confidentiality. In some states, the members and managers of an LLC are required to be disclosed and included in the state records which are available to the public. In other states, the members and managers are not made a part of the public record. Many people feel that they have better asset protection if the identity of the members and managers are not made public.

Having studied the laws of every state in this regard, and having read many scholarly articles on the subject, it is my opinion that Alaska provides the strongest asset protection against outside liabilities because they not only limit the remedies of a creditor of a member to a charging order, but they also prohibit a creditor from obtaining a court order for inquiries, accountings or directions (see Alaska Statutes 10.50.380). Several other states expressly limit the remedies of a creditor to a charging order, which should also be sufficient to prevent a creditor of a member from collecting from an LLC.

When it comes to confidentiality, I believe that the New Mexico LLC is the best option because there is no public disclosure of members and managers and no requirement for the filing of an annual report.

Nevis is a country in the Caribbean that has the best LLC laws in the world. Nevis LLCs offer the strongest asset protection and confidentiality of any jurisdiction. Nevis LLCs can be created and maintained without excessive cost or complexity. Any business or assets can be owned by a Nevis LLC, wherever it is located. If you want the strongest asset protection available, I recommend a Nevis LLC.

If you want the best LLC within the United States, I feel that Alaska is the best option for asset protection purposes and New Mexico is the best for confidentiality of managers and members. Alaska has a convenient online filing system, but New Mexico has lower filing fees and zero annual renewal fees. In conclusion, it is important to note that the laws described in this article are apt to change from time to time. This article is provided for informational purposes and should not be used as legal advice for any specific situation. Readers are advised to seek competent legal counsel in designing and creating limited liability companies or engaging in asset protection planning.

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Asset Protection Lawyer: The New Asset Protection Strategy in Divorce Cases

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Asset protection is one of the primary purposes for creating a limited liability company ("LLC"). LLCs provide two types of asset protection: (1) protecting the members from the liabilities of the company (sometimes called protection from "inside liabilities") and (2) protecting the assets of the LLC from the liabilities of the members (sometimes called protection from "outside liabilities").

If an LLC owns a rental house and the tenant sues the LLC because they slipped and fell down the stairs, this is an example of an inside liability. The general rule is that the tenant can sue the LLC, but they cannot go after the assets of the members unless they can pierce the corporate veil of the LLC. Piercing the corporate veil is very difficult to do. The test for a piercing of the corporate veil may vary slightly from state to state, but generally the tenant must prove that the LLC is the alter-ego of the member, and that the member has not treated the LLC as a separate and distinct legal entity. Because the laws protecting the members from an inside liability are similar in every state, the asset protection against inside liabilities is similar regardless of where the LLC is filed.

If a member is a physician and is sued for malpractice, the creditor may attempt to go after the assets of the LLC in order to collect on the judgment. This is an example of an outside liability because a creditor of a member is seeking to get into the LLC through the member. The remedies available to a creditor of a member vary greatly from state to state. In some states, the creditor of a member has a right to foreclose on the members interest and become the owner of it. In other states, the creditor of a member is limited to a charging order. A charging order is a court order which requires the LLC to pay any distributions that otherwise would have been paid to the member directly to the creditor. A charging order is not a good remedy for a creditor because the creditor is only entitled to distributions if the LLC decides to make a distribution; a creditor cannot force a distribution to be made. Therefore, an LLC offers greater asset protection if it is governed by the laws of a jurisdiction that strictly limits the remedies of a creditor.

Most if not all states follow the "internal affairs doctrine" established by the United States Supreme Court. This doctrine says that the internal affairs of a company are governed by the laws of the state where the company is filed, not the laws where the business activities take place or where the members are located. In fact, most states have a statutory provision stating that the internal affairs of an LLC are governed by the laws of the jurisdiction where the LLC was filed. This means that if an LLC is filed in Alaska and a California resident sues another California resident who is a member of the Alaska LLC for a tort committed in California, the issue as to whether the creditor can get information or assets from the LLC is governed by the laws of Alaska and not the laws of California. In other words, the state where an LLC is filed is critical in determining the asset protection provided by the LLC from outside liabilities.

Another issue affecting the asset protection provided by an LLC is confidentiality. In some states, the members and managers of an LLC are required to be disclosed and included in the state records which are available to the public. In other states, the members and managers are not made a part of the public record. Many people feel that they have better asset protection if the identity of the members and managers are not made public.

Having studied the laws of every state in this regard, and having read many scholarly articles on the subject, it is my opinion that Alaska provides the strongest asset protection against outside liabilities because they not only limit the remedies of a creditor of a member to a charging order, but they also prohibit a creditor from obtaining a court order for inquiries, accountings or directions (see Alaska Statutes 10.50.380). Several other states expressly limit the remedies of a creditor to a charging order, which should also be sufficient to prevent a creditor of a member from collecting from an LLC.

When it comes to confidentiality, I believe that the New Mexico LLC is the best option because there is no public disclosure of members and managers and no requirement for the filing of an annual report.

Nevis is a country in the Caribbean that has the best LLC laws in the world. Nevis LLCs offer the strongest asset protection and confidentiality of any jurisdiction. Nevis LLCs can be created and maintained without excessive cost or complexity. Any business or assets can be owned by a Nevis LLC, wherever it is located. If you want the strongest asset protection available, I recommend a Nevis LLC.

If you want the best LLC within the United States, I feel that Alaska is the best option for asset protection purposes and New Mexico is the best for confidentiality of managers and members. Alaska has a convenient online filing system, but New Mexico has lower filing fees and zero annual renewal fees. In conclusion, it is important to note that the laws described in this article are apt to change from time to time. This article is provided for informational purposes and should not be used as legal advice for any specific situation. Readers are advised to seek competent legal counsel in designing and creating limited liability companies or engaging in asset protection planning.

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