Kevin Wessell, CEO Companies Incorporated, Noted Asset Protection/Estate Planning Expert Provides Helpful Insight to the Controversial Topic of Asset

28 February 2006

Kevin Wessell, a well-known asset protection expert and CEO of Los Angeles-based Companies Incorporated says that the United States has just five percent of the word's population and yet 70% of the world's lawyers. He says legal experts agree that there are literally millions of lawsuits filed in the U.S. every year that would not be pursued overseas. Many of these lawsuits, he says are filed by lawyers who must litigate just to survive. Information on Mr. Wessell and CI's suite of services for businesspersons can be accessed via their web site at www.companiesinc.com.

Mr. Wessell admits that the subject of asset protection is controversial. «Some people say that if they lose a lawsuit they should compensate their opponent. They espouse that it is their duty to follow the system, throw their hands up in the air and offer their wallets to their legal enemies. However, most people feel that the lawsuit crisis is way out of hand in America. If there are perfectly legal means to protect oneself, it ought to be an option. Many people feel, ‘I work hard for my money. If someone is going to try to take it from me he is going to have to work a lot harder.' This is especially the case when frivolous lawsuits are filed and then shocking settlements are made simply because it is less costly to settle than to pay a lawyer to see the legal fight through to completion.»

Wessell ads that, «In addition to an overabundance of lawyers, the U.S. is about the only civilized country in the world that does not have a «loser pays» legal system. In other countries of the world, such as Canada and England, for example, the one who loses a lawsuit pays his or her own legal fees as well as those of the opponent. However, in the U.S. this scenario is much different. Even if a party to a lawsuit wins, he or she is still out his or her own legal expenses. What this means is that in the U.S. even if a defendant in a lawsuit wins he or she still loses.»

He goes on to point out, «In other countries, one must think twice before bringing suit. Is the chance of losing the lawsuit and paying the bills of two attorneys worth the possible outcome? Most foreign lawsuits that would be litigated in the U.S. are dropped before they start.»

"Of course those who live outside the U.S. are not safe. The rising tide of litigation remains a major concern in a majority of countries around the world," according to Mr. Wessell.

He continues, «The lawsuit jungle does not vanish after your death. Probate fees, which are paid in order to bring your estate to closure upon your death, can take a sizable chunk of your estate. Probate is, in summary, the procedural act of proving that a will is valid. Some people believe they can avoid probate if they have a will. This is quite the contrary.»

«Many states set the probate fees that an attorney is allowed to charge. These fees are often around 8% of the gross worth of the estate.» Mr. Wessell also states, «If a jurisdiction does not have state-mandated probate fees, each attorney can establish his or her own rate. The attorney can charge based on a percentage of the gross worth of the estate or the attorney can bill his or her clients on an hourly basis or both. This arrangement often ends up costing the same as or more than charges incurred in a state that has state-mandated probate fees.»

«Let's take a look at what we mean by gross worth,» he says. «Let's say, for example, that you leave behind a $200,000 home upon your death. For the purposes of this discussion, we will say that you were somehow able to acquire a $199,000 mortgage on the property before you died. To move this particular asset through probate, it would cost your estate, ($200,000 x 8%) $16,000 in probate fees. Since in this example your heirs have only a $1000 equity in the property, they would lose $15,000 worth of your estate to simply move this asset through the probate courts!»

«There is some good news. There is a way to avoid probate completely through the use of a living trust,» he says.

«Not only do you need to be concerned about probate after your death. Estate taxes also take their toll. Estate taxes are paid over and above probate fees. The U.S. Internal Revenue Service currently sets its maximum federal estate tax rate at 55%. If sizable, the federal, and sometimes state, government can take a majority of your estate before it is distributed to your heirs. Continue reading to find out how to virtually eliminate estate taxes.»

Solving these concerns is what this Mr. Wessell says his company is about. His firm can review the benefits of legal tools and establish the entities that can help you protect your assets from litigation. He asserts that his company can show you how, through the use of the proper legal entities, to protect yourself and your business from excess taxes. He also states that they show you how you can avoid probate fees and lower or eliminate your estate taxes by simply structuring your affairs properly.

Do It Now

Mr. Wessell says, «The average man or woman in the United States today experiences five lawsuits in his or her lifetime. The odds are that one of these is a devastating lawsuit.»

«You can and must safely shelter your assets from lawsuits before a lawsuit strikes," Mr. Wessell asserts. "The law deals quite harshly with those who seek last minute transfers of assets in an attempt to defraud creditors. What this means is that you must realize now that you can run into financial trouble. You must recognize and come to grips with your own vulnerability. When you get this reality under your skin, only then will you have the sense of urgency necessary to take action to protect yourself from the virtually inevitable.»

«Most of those who have assets to lose occasionally consider taking action to protect their assets and lower their taxes. The reminder may strike around tax time or when a lawsuit or other tragedy strikes. However, the consideration often fades when the danger subsides. Then the procrastinator is usually leveled with a financial blow that robs the individual of hard-earned resources.»

«You are strongly urged to follow these words: DO IT NOW! These are the most important words in this message,» says Mr. Wessell.

He says, «Write it down in your appointment book right now. Tell yourself that you will talk to a knowledgeable professional. Feel free to call us. This is the beginning of a safe and secure financial future for you and those you care about. If you already have significant resources, you already know that this is action you need to take now. If you do not yet have significant resources this is the foundation upon which to build a strong financial future.»

(All that is submitted here is done with the understanding that the author and associated persons are is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert advice is required, the services of a practicing professional person should be sought.)

About Companies Incorporated

Established in 1977, privately-held Companies Incorporated serves both large and small businesses throughout the USA and in some foreign locales with incorporating services, establishing LLCs (limited liability companies) to creating offshore companies aimed at protecting assets to legally reducing annual taxes. CI also provides services to establish C and S corporations as well as non-profit organizations. CI holds national seminars on its various services, most recently to a sell-out gathering of professionals in a prestigious Las Vegas hotel.

CI is based in the Los Angeles area at 27200 Tourney Road, Santa Clarita, CA 91355. Telephone is 800-959-8819. The CI Website is www.companiesinc.com. For more information on CI's offshore companies and trusts and offshore banking those interested can visit CI's offshore division at www.offshorecorporation.com.

Source: emediawire

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