What Are The Risks Of Asset Protection Planning

by Bruce Givner on October 12, 2011

There are several risks in asset protection planning. The most obvious asset protection risk is that the judgment creditor will be able to convince the judge to reverse any transfers that you made so that the assets once again belong to you and can now be transferred to the creditor. So, not only do you lose the assets, but you also wasted the money that you spent on the asset protection planning. And you will have spent a lot of money fighting the judgment creditor’s fraudulent transfer action.
What if you refuse to retrieve the assets that you transferred? The judge could put you in jail to coerce you to comply with the judge’s order. This is not the same as debtor’s prison. The judge is permitted to keep you in jail until the judge believes that you like your money more than you like your freedom.
There are also potential criminal penalties for engaging in a fraudulent transfer, though I have never seen them applied. There is also the possibility that anyone who helped you with the fraudulent transfer will be punished.
So, you should take steps well in advance in structuring your asset protection plan so that your assets will be protected from a future creditor. There are substantial risks of waiting until you have a problem to structure your asset protection plan. The best time to establish a sophisticated asset protection plan is today. Call Givner and Kaye.

{ 11 comments… read them below or add one }

Roy Skaff October 13, 2011 at 9:51 am

The term “well in advance” is the key and good advice. The longer the time span between the onset of the asset protection plan and a claim, the better.

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Prue October 29, 2011 at 6:45 pm

God help me, I put aside a whole atfrneoon to figure this out.

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Brittany October 15, 2011 at 3:46 am

Your point is valueble for me. Thanks!

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