Fraudulent Transfers Can Result in Loss of Assets, Benefits, and Criminal Charges

by Bruce Givner on January 23, 2012

As the owner of an asset or any portion of an asset, you generally have the right to transfer or dispose of that asset whenever and however you want.  If the transfer is made to avoid a legal liability, however, a court may decide that the transfer was fraudulent.  Once a court makes this determination, you are in jeopardy of losing that asset, benefits, or even, in some states, being charged with a crime.  See California Penal Code Sections 154 and 155.  To avoid the pitfall of having a transfer considered a fraudulent transfer, meet with us to discuss a comprehensive plan to protect your assets long in advance of need.

Asset protection plans are not “one size fits all.”  Every asset protection plan must be tailored to the property-holder and take into account the individual’s lifestyle, goals, and the assets (i.e. property) involved.  While some asset protection plans can be sophisticated and complex, many plans can be instituted with just a few tools, such as the establishment of a trust, making a gift, or changing the asset’s title.  What should not be part of an asset protection plan are taking steps like hiding your money in a mattress, giving it to another individual for “safe keeping,” or investing in “get rich quick” schemes.

An expert attorney well versed in asset protection planning can ensure you take the right steps to keep your assets safe and protected from potential legal battles, and that you take these steps before your assets are at risk.  For experienced help in asset protection planning, call us. (310) 207-8008.

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