Asset protection is often mistakenly deemed fraudulent; however, Asset Protection is in fact 100% legal, if done properly. In order to ensure that what you are doing is actually worth your money and time, and will hold up in a court of law, there are two key factors to keep in mind.
The first step to take when considering Asset Protection is to contact a lawyer. In doing so, you can rest assured that you are working with someone who is well versed in the practice of Asset Protection and is knowledgeable on the best strategies and courses of action for your individual assets.
Second, know the law. Of course, your attorney will be your go-to when it comes to handling the legality behind protecting your assets, however, it is important that you, the client, are aware of what may be deemed illegal when it comes to protecting your assets.
Asset protection is not about hiding your assets, it is about structuring your assets in a manner that protects them from future creditors. Issues regarding the legality of Asset Protection arise when fraudulent transfers occur, aka when assets are hidden for the purpose of deceiving and evading creditors and the government.
Once a claim arises, it is illegal for a debtor to purposefully retitle assets to another individual causing the asset to no longer be in the debtor’s name, thus making it unreachable by the debtor’s creditors. For this exact reason, it is crucial that you are proactive with your Asset Protection BEFORE any claims may arise.
For a complimentary consultation, contact The Presser Law Firm, P.A.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com