ASSET PROTECTION

10 Biggest Mistakes in Asset Protection Planning

Not Understanding the Purpose of Asset Protection: Asset protection will not make you “judgment proof.”
Waiting Too Long To Begin Planning: Preventive planning is both most effective and least expensive before you have legal problems.
Believing That It Is Too Late To Protect Assets: Its never too late to improve protection. Anything is better than doing nothing.
Thinking Creditors are Stupid or Lazy: Don’t underestimate the skill and intelligence of your adversaries. Creditors and their attorneys are not stupid.
Failure to Comprehend Vulnerability of Your Business: The shares of common stock you own in your professional practice are vulnerable to creditor attack.
Fraudulent Transfers and Conveyances: You cannot protect assets by giving them to family members.
Misunderstanding Salary Exemption: Traps for single business owners.
Confusing Estate Planning With Asset Protection: Asset protection is part of estate planning, but a living trust or will does nothing to protect your assets from creditors.
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.
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.

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