Asset Protection Tips
Posted on Dec 9, 2019 9:04am PST
Asset Protection is the process of legally and ethically protecting assets
from the threat of future/potential creditors. Each State has their own
Asset Protection laws and nuances, however, the following is a list of
Asset Planning Tips that anyone can utilize regardless of where they live.
1.PLAN EARLY: The best time to initiate an Asset Protection Plan is when there are no
current and/or anticipated creditor threats. The reason for this is that
any transfer made in anticipation of keeping said funds from a current/anticipated
creditor is considered a Fraudulent Transfer (Fraud). When the Court finds
out about an attempted Fraudulent Transfer, such individual may have to
reverse the transfer and distribute the transferred assets directly to
the creditor. To the same effect, Asset Protection planning should ideally
occur when a claim has not yet materialized. If an individual plans too
late, then they may subject all of their non-exempt assets to the claims
of creditors.
2.LIABILITY INSURANCE: Liability Insurance is a great safety net in the case of a creditor threat.
Creditors will usually submit their claim to the Liability Insurance Company,
who are then is obligated to defend you free of charge. However, in many
cases, claims are not covered by insurance. To maximize your Asset Protection,
it’s important to couple your insurance with an Asset Protection Plan.
3.CONTROL: An individual who sets up an Asset Protection Plan and retains full control
of the assets. The goal of Asset Protection is to own nothing, but control
everything. For example, many protective entities, if set up correctly,
will allow you to keep 100% control over you assets and also keep them
protected. On the other hand Irrevocable trusts, although they offer you
the protection, you do not retain control over the assets.
Contact The Presser Law Firm, P.A. for a complimentary consultation to
learn more about Asset Protection, Business Law, and Estate Planning.
The Presser Law Firm, P.A.
6199 N. Federal Highway, nationwide FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com
www.AssetProtectionAttorneys.com