ASSET PROTECTION

10 Biggest Mistakes in Asset Protection Planning

  1. Not Understanding the Purpose of Asset Protection: Asset protection will not make you “judgment proof.”
  2. Waiting Too Long To Begin Planning: Preventive planning is both most effective and least expensive before you have legal problems. After you are threatened with a suit all planning may be undone as a fraudulent transfer or conversion.
  3. Believing That It Is Too Late To Protect Assets: Its never too late to improve protection. Anything is better than doing nothing.
  4. Thinking Creditors are Stupid or Lazy: Don’t underestimate the skill and intelligence of your adversaries. Creditors and their attorneys are not stupid.
  5. Hiding Assets : There are no longer any secrets in this world. You cannot hide assets, offshore or anywhere else, to protect the assets from creditors, the IRS, or former spouses.
  6. Fraudulent Transfers and Conveyances: You cannot protect assets by giving them to family members.
  7. Misunderstanding Salary Exemption: Traps for single business owners.
  8. Confusing Estate Planning With Asset Protection: Asset protection is part of estate planning, but a living trust or self-settled irrevocable trust does nothing to protect your assets from creditors.
  9. Confusing Bankruptcy Law and Asset Protection Law: The new bankruptcy law does not affect Florida's unlimited homestead exemption and other exemptions outside bankrutpcy court. Your protections are less in bankruptcy court, and filing bankruptcy is usually a last resort.
  10. Giving Up Control Over Your Assets: The easiest asset protection plan is to give someone else control over your wealth. This is not a good solution in most cases. However, in some situations giving up some control is your only alternative.

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Publications: Florida Bar Journal, June 2004  |  Florida Bar Seminar, May 2003  |  Florida Bar Journal, December 1984 |  Media Recognition
Florida Bar Seminar May 2005  |  National Business Institute Seminar May 2005  |  Steve Leimberg's Asset Protection Planning Newsletter
Florida Bar Health Law Handbook 2007
Asset Protection Basics: Who Needs It  |  Does It Work?  |  10 Biggest Planning Mistakes
Fraudulent Conveyances  |  Liability for Asset Protection  |  Debtor Liablity  |  Attorney Liability
Florida Asset Protection: Moving to Florida  | Homestead Protection  |  Statutory Protection  |  Joint Ownership
Partnerships / LLC  |  Family Ltd. Partnerships  |  Florida Residency
Offshore Asset Protection: Offshore Trusts  |  Nevis LLCs  |  IRS Reporting Forms
Financial Asset Protection: Annuities  |  Life Insurance  |  Leveraged Accounts Receivable  |  Business Protection
Asset Protection Updates: Delaware Series LLC  |  Domestic Asset Protection Trust  |  Equity Stripping  |  Florida's New Trust Law  |  Mortgage Foreclosure Deficiency
Estate Planning: Living Trusts  |  Wills  | Probate  |  Irrevocable Trusts  |  Estate Tax Basics
Bankruptcy: Bankruptcy FAQs  |  Chapter 7  |  Chapter 13  |  The Means Test  |  Involuntary Bankruptcy
 Income Taxes and Bankruptcy | Bankruptcy Mistakes to Avoid  |  Bankruptcy's Effect on Credit  |  Attorneys' Fees  |  Moral Issues

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