Asset protection planning is the same, take your chips off the table at the good times, so that you can walk away from the table as a winner no matter what happens in bad situations.
Keep it simple, start early, and do not try to hide some of your assets from your creditors.
In gambling, there is a saying that goes like, "If you want to be the winner, then you have to walk away from the table as a winner." A honored method of reaching this result is by systematically taking your chips off the table as you win them, to minimize your potential losses.
Asset protection planning is the same, take your chips off the table at the good times, so that you can walk away from the table as a winner no matter what happens in bad situations. The people who worry about asset protection are those likely to get sued. Think of obstetricians and, recently, real estate investors. But the average folks often get caught in difficult situations, and that's why the topic of asset protection should at least cross your mind.
Asset protection planning is usually the debtor's side of creditor-debtor law. While most creditors are concerned about the techniques and strategies of collection, the debtors are interested in the techniques and strategies for protecting their most valuable assets from any potential creditors.
Bearing in mind the law school adage that "The general rules are generally inapplicable", the following three rules should always be kept in mind when you are trying to take chips off the table.
1. Start Making a Plan Before A Claim Arises
You can do many things that will effectively provide you with asset protection before a a liability or claim arises, but there will be a few things that you can do afterwards. Moreover, the point that a claim arises is earlier than any layman might think-it is usually way earlier than when a process shows up or you receive a demand letter
2. Late Asset Protection Planning Usually Backfires
Conducting asset protection planning after a claim arises is going to make matters worse; take it as getting a flu shot while you already have the flu, and the flu shot itself making you feel even more woozy. It is a very common misconception that the only thing a judge could do is to unwind a fraudulent transfer, thus leaving the debtor who unsuccessfully tried late planning would be worse off than if he had done nothing. Both the person who assisted in the fraudulent transfer and the debtor can become liable for the creditor attorney fees, and thus the debtor can lose hope of getting a discharge in bankruptcy.
3. Planning for Asset Protection Is Not A Substitute For An Insurance Policy.
Asset protection planning can never be a substitute for professional insurance and liability, but rather should be a supplement to professional insurance. It is a big myth that asset protection plans could invariably scare off plaintiffs, and an Asset protection Lawyer NYC does not pay legal fees to defend against a filed lawsuit. Professional insurance also supplements asset protection plans, because it can help a debtor survive a claim of fraudulent transfer. If you end up getting get sued, let your insurance company defend it and then pay to settle it.
Source:- Click here
Keep it simple, start early, and do not try to hide some of your assets from your creditors.
In gambling, there is a saying that goes like, "If you want to be the winner, then you have to walk away from the table as a winner." A honored method of reaching this result is by systematically taking your chips off the table as you win them, to minimize your potential losses.
Asset protection planning is the same, take your chips off the table at the good times, so that you can walk away from the table as a winner no matter what happens in bad situations. The people who worry about asset protection are those likely to get sued. Think of obstetricians and, recently, real estate investors. But the average folks often get caught in difficult situations, and that's why the topic of asset protection should at least cross your mind.
Asset protection planning is usually the debtor's side of creditor-debtor law. While most creditors are concerned about the techniques and strategies of collection, the debtors are interested in the techniques and strategies for protecting their most valuable assets from any potential creditors.
Bearing in mind the law school adage that "The general rules are generally inapplicable", the following three rules should always be kept in mind when you are trying to take chips off the table.
1. Start Making a Plan Before A Claim Arises
You can do many things that will effectively provide you with asset protection before a a liability or claim arises, but there will be a few things that you can do afterwards. Moreover, the point that a claim arises is earlier than any layman might think-it is usually way earlier than when a process shows up or you receive a demand letter
2. Late Asset Protection Planning Usually Backfires
Conducting asset protection planning after a claim arises is going to make matters worse; take it as getting a flu shot while you already have the flu, and the flu shot itself making you feel even more woozy. It is a very common misconception that the only thing a judge could do is to unwind a fraudulent transfer, thus leaving the debtor who unsuccessfully tried late planning would be worse off than if he had done nothing. Both the person who assisted in the fraudulent transfer and the debtor can become liable for the creditor attorney fees, and thus the debtor can lose hope of getting a discharge in bankruptcy.
3. Planning for Asset Protection Is Not A Substitute For An Insurance Policy.
Asset protection planning can never be a substitute for professional insurance and liability, but rather should be a supplement to professional insurance. It is a big myth that asset protection plans could invariably scare off plaintiffs, and an Asset protection Lawyer NYC does not pay legal fees to defend against a filed lawsuit. Professional insurance also supplements asset protection plans, because it can help a debtor survive a claim of fraudulent transfer. If you end up getting get sued, let your insurance company defend it and then pay to settle it.
Source:- Click here
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