"Hey domuzcuk, kapıyı aç! Eğer açmazsan, üflerim püflerim ve evini düşürürüm!"

From childhood, we probably remember the story of "The Three Little Pigs." The pigs are afraid of being eaten by the big bad wolf. So, they each build a house to protect themselves. The first one builds a house out of straw. The second builds a house out of sticks. Both these pigs are eaten by the wolf who blows down their flimsy houses. The third pig builds a house out of bricks and survives the wolf's attack. This story may be a good way to look at the legal concept of something called "asset protection."

What is "Asset Protection?" Let's think of our story, "The Three Little Pigs." If the "big bad wolf" comes along in the form of a lawsuit or other legal attack, the "house" that someone builds can make a difference in their assets surviving the attack. In other words, how they don't lose their money and property. How do people do this?

(1) Some people own nothing, work for cash, and don't keep their money in banks. These people are hard to collect money from. But this is also a difficult way to live. This is a primitive approach and is not suitable for most people.

(2) On a higher level, people may set up corporations or other legal structures. In doing this, they place their property and assets into a separate legal entity called a corporation. This is a very large topic, as there are different types of corporations. Each has its own rules. Anonim Şirket nedir? https://youtu.be/sNerPG2tIms?si=byLpQDxtDypja7CT

(3) Another higher-level approach involves people setting up trusts. A trust is a form of holding assets, created by legal instrument. These can be domestic or offshore.

(4) A less-high level approach involves transferring property or assets to family members. However, this means that if the relationship goes bad, it can introduce other problems.

It's funny how we turn to animals to create stories or to express a point...

AVUKATINIZ ASLAN MI, KUZU MU... YOKSA TİLKİ Mİ? https://www.communityabroad.com/turkish/post/1000000053167

KILAVUZU KARGA OLANIN BURNU... HERKES ATASÖZÜNÜN GERİ KALANINI BİLİYOR! https://www.communityabroad.com/turkish/post/1000000052383

This is a very simplified overview. There are specialists who work in this area. They offer guidance based on an individual's situation and needs. And just in case you miss the story of the Three Little Pigs, here is Üç Küçük Domuzcuk - https://youtu.be/KrHpw-BPjZk?si=6_u7k_6cm-UrqOuq

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Avukat Timur Akpinar

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