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Essential Elements Of Asset Protection Planning

Asset protection planning is all about taking chips off the table in good times, so that you still can walk away from the table a winner no matter what happens in bad times.

When it comes to protecting your assets, the best advice is to plan ahead. Waiting for a crisis means you’ll have many fewer options available to protect yourself. If you have valuable assets or your business or profession makes you particularly susceptible to lawsuits, then now is the time to plan your asset protection strategy – before you face a financial or legal crisis.

The caveat to asset protection planning is that you have to do it right. You’re trying to keep those most precious things safe but attempting to do so through illegal and disingenuous means can only come up to bite you in the end, and could land you in jail.

How do you do it right? Qualified legal counsel is your best resource, but there are some good general maxims to keep in mind. Jay Adkisson of Forbes recently offered his 10 rules for asset protection planning. It’s worth a look at the entire list, but here are a few choice ideas to keep in mind:

Plan ahead of time, that is, before a claim arises. Planning before a claim allows you to escape from accusations of fraudulent transfer. Knowingly making a fraudulent transfer is especially dangerous since the judge doesn’t simply undo the transfer, there is likely to be a punishment involved as well.

An asset protection plan is not insurance and does not afford the same protection. An asset protection plan may keep your assets safe in the event of a claim, but it won’t protect you from legal fees. An insurance plan can shield you from paying those legal fees and therefore can offer a vital supplement to the plan itself. You can learn more about how to legally protect your assets in the Asset Protection Practice Center on our website.

Reference: Forbes (July 13, 2011) “Ten Rules For Asset Protection Planning

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.