Back in February I described asset protection as the legal techniques that protect your wealth from creditors and predators. Here’s what I wrote:
Is asset protection some kind of euphemism for stiffing banks? No way. It’s more about planning before you borrow the first dollar, about defining what assets are available to lenders if things go bad. Better to work out these details in advance. Negotiations can be one-sided as creditors bear down during duress.
Click here to download Ike Devji’s white paper: Common Fatal Flaws of Asset Protection Planning.
Here’s one of the flaws that Ike describes in great detail:
7. RELYING ON GIFTING TO RELATIVES (SEE ALSO FAILING TO ACT) Transferring all of your assets to your spouse and/or children, especially after something has happened, will not protect your assets from a lawsuit. Even if it did protect you from your lawsuits, transferring your assets to your spouse and/or children opens up another Pandora’s Box….
Download Ike’s white paper about avoiding mistakes as you consider how to title your assets.