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Proper Planning Essential to Asset Protection

Many people faced with mounting pressure from creditors are unaware of how to protect their assets, and very often it is too late once they are already in financial trouble

 

It’s unclear how long this economic slump will last. One thing is certain, however, it’s not likely to change anytime soon. And, while the “times” have taken their toll on people, so have “creditors.”

If you want to protect your assets from “future creditors,” then know that planning must take place well in advance.

As a reminder of some of the basics of asset protection, I happened upon this article on the topic of “fraudulent conveyance.” Simply put, creditors and the laws that protect them have every reason to be wary of those last minute tricks some people try to pull to hide their assets (it would be pretty difficult to be a creditor if last minute tricks were allowed).

As a result, laws are set up to void slick moves to defraud just creditors. In fact, they are aptly designated “fraudulent transfers.” Bottom line: If there’s already a creditor in the picture, and one that’s sniffing around no less, then it’s already too late.

Of course, you have every reason to want to protect your assets. Who doesn’t? Accordingly, make sure you seek qualified legal counsel before making moves with your assets that will be ineffective… or get you in legal trouble.

You can learn more about asset protection in the Asset Protection Practice Center on our website. Be sure to sign up for our free e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

You can learn more about asset protection in the Estate Planning Practice Center on our website. Be sure to sign up for our free e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.

Reference: NuWire Investor (January 17, 2012) “Asset Protection in Uncertain Times

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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.
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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.