Why should we worry about protecting our worth? What are the chances that my assets might be seized by a creditor or the government? I don't do anything wrong. I pay my taxes. I have never been sued. Why worry about going through the time and expense and headache of setting up an asset protection plan anyway? It is true that asset protection planning isn't for everyone. But really the only criteria to consider Read More
What is the Goal of Asset Protection Planning?
One of the most widely discussed and often misunderstood topics in asset protection planning is this - how does one measure whether an asset protection planning has been successful? Clients often come to me asking for a "bullet proof" structure. Some envision a scenario where they can retain ownership (or at least control) of 100% of their assets regardless of how much they might owe creditors or what judgments Read More
It's All About the Timing
When undertaking asset protection planning, one of the most important considerations is timing. You don't want to be like Artie Fufkin, who admitted that he "f*cked up the timing" on a very important project in Chicago many years ago. The ideal time to implement an asset protection strategy is before there are any creditor threats on the horizon. The reason for this is to avoid any fraudulent transfer issues. If Read More
Give It Away Now
What does the most fundamental concept in asset protection planning have to do with a Red Hot Chili Peppers song from the early 1990s? http://www.youtube.com/watch?v=Mr_uHJPUlO8 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 Read More
