For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!
Boca Raton, Florida (PRWEB)
June 29, 2017
It is extremely important to understand how fraudulent transfer laws affect the ability to protect assets. The best Asset Protection strategy is being proactive. However, the laws are not black and white. Specifically, not every transfer (when creditors exist) is considered fraudulent. The facts and circumstances of each individual’s particular situation must be considered when determining whether a conveyance is fraudulent. An experienced Asset Protection attorney can help individuals understand fraudulent conveyance laws and determine the best decision to make with regard to protecting assets. Hillel L. Presser, Esq., MBA of the Presser Law Firm, P.A. offers tips for navigating the fraudulent transfer laws.
1. Defining Fraudulent Transfer
A fraudulent transfer (also known as a “fraudulent conveyance”) is an attempt by a debtor to avoid debt by transferring money or other assets own by them to another person or company. Fraudulent transfer is generally a civil cause of action and such cause of action typically arises in debtor/creditor relationship. Each state has its own set of fraudulent transfer laws, however, the concept is generally uniform.
2. Asset Protection Defined
Asset Protection is the legal process of titling personal and business assets to put them beyond the reach of future potential threats and creditors using domestic and international Asset Protection strategies. The Asset Protection plans usually begin with a foundation, which typically includes domestic Asset Protection tools. Those individuals who want additional protection will likely need to consider international Asset Protection planning, in addition to their domestic Asset Protection planning.
3. Understand why Proactive Asset Protection Planning is Crucial
Planning before creditor judgments is crucial in order to avoid the risk of having the creditor allege a fraudulent transfer. A debt or potential liability does not automatically mean that an individual cannot transfer or sell their property. In order to assert fraudulent transfer, there must be a civil judgment…