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. Protecting your personal assets is very important, you may have an idea of where you want them to go after you die and who gets what. It is best to contact an estate planning lawyer to go over your estate and professionally sort out what you need, follow this link – https://brooklyntrustandwill.com/estate-planning/ to see how an estate lawyer can help you with your future plans.
Ike Devji, who is an asset protection lawyer, outlined ten ways to protect your net worth in his post, Asset Protection for the Middle Class. And now by popular demand, he’s back.
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.
The New York Times describes my novels as “money porn,” “a red-hot franchise,” and “glittery thrillers about fiscal malfeasance.” Through fiction I explore the dark side of money and the motivations of those who have it, want more, and will steamroll anybody who gets in their way.