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Asset Protection Planning Should Start Before Claims Arise

The most effective asset protection plans need to be put in place long before a creditors claim or liability arises. Transactions that occur after a claim has arisen are likely to be considered violations of “fraudulent transfer” laws. Another important reason for early planning is that most people don’t understand when the claim or liability actually arises. Once you have received a demand for payment or been served with a lawsuit, it is too late.

It is a common misconception that the only consequence of late planning is the voiding of what is considered a fraudulent transfer. Instead, both the debtor and the person who aided in the fraudulent transfer can be held liable for attorney fees incurred by the creditor involved. The debtor may also lose any chance of discharging that particular debt in bankruptcy.

Asset Protection Planning Should not be a Substitute for Insurance

Asset protection planning should never be considered a substitute for liability or professional insurance. It is meant to only supplement such insurance. Asset protection plans do not deter lawsuits, nor do they pay for legal fees required to defend against a lawsuit. If you are sued, your insurance company will be responsible for defending the lawsuit, as well as paying to settle.

Personal Assets Should Not be placed in Business Entities

The general rule is, trusts are for personal assets and business entities are for business assets. This means that various business entities, such as corporations, partnerships and limited liability corporations, are meant to be vehicles for business assets only. Whereas personal assets should be placed in some form of trust.

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There are many excellent asset protection plans available, however they can be complicated and somewhat tricky. Asset protection planning is essentially the practice of analyzing the assets you own and arranging or rearranging them in order to maximize their protection from loss. Asset protection does not involve evading taxes or defrauding creditors, as long as the plan is properly designed and implemented. Instead, when done right, asset protection planning involves preparing for situations during your lifetime as well as after your death, in order to preserve your estate.

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Law Firm/Resource Contact Link
Alfreds Futterkiste Maria Anders Germany
Berglunds snabbköp Christina Berglund Sweden
Lawyers.com Legal Directory Homepage
Ernst Handel Roland Mendel Austria
Justia Legal Directory Homepage


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