- Adam Bartsch
Prudent Asset Protection Steps Everyone Should Consider
Mention the term “asset protection” and clients and attorneys alike want to discuss cutting edge, complex methods of putting assets “out of reach” of creditors. Out of reach often translates to overseas, or in a state like Nevada or South Dakota, which seek to become havens for trusts in exchange for above-average protections against creditors and bankruptcy. The asset protection field attracts its share of bad actors, so the term is also tinged with disreputable, even sometimes illegal, conduct.
For the record, the legality of asset protection planning most often hinges on when the planning is conducted, not where the asset is located. Planning early, long before a lawsuit or bankruptcy appears on the horizon is good; planning in the midst of a lawsuit or bankruptcy is bad.
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