Give It Away Now

April 21, 2015
CLARK.LAW

What does the most fundamental concept in asset protection planning have to do with a Red Hot Chili Peppers song from the early 1990s?

The first and most fundamental step in almost any asset protection plan is to give away your assets.  Well, it’s not necessarily accurate to say you give them away, but you typically transfer them.  You make it so that you don’t own them anymore.
Bear in mind, creditors can take almost any and every asset you own.  However, if you do not own the assets, they cannot be taken from you.
At this point most individuals who are considering asset protection planning become very quiet.  Some are confused.  Some have second thoughts.  The idea of transferring away one’s hard earned assets in order to protect them is an unsettling notion to most people – especially high net worth individuals, who are ideal candidates for this type of planning.
You should be concerned.  Parting with your worth is not a step that should be taken lightly.  The aim, however, is to place you in the position of being able to use the assets without owning them.  There will be much discussion of how exactly to accomplish such a thing in this blog in the days to come.  Stay tuned!

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