1 27-12 asset protection requires proper planning

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Many people faced with mounting pressure from creditors are unaware of how to protect their assets, and very often it is too late once they are already in financial trouble.

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1 27-12 asset protection requires proper planning

  1. 1. Asset Protection Requires ProperPlanningMany people faced with mounting pressure from creditors are unaware of how to protecttheir assets, and very often it is too late once they are already in financial trouble. Place logo or logotype here, otherwise delete this. VIDEO LAW OFFICE OF DAVID PARKER BLOG PLLC
  2. 2.  It’s not clear how long it will take for the economy to completely emerge from the recent recession and for real prosperity to be restored. In the meantime, a lot of people have taken serious hits to their assets, and are concerned about creditors’ claims to those assets. It’s natural in situations like this for people to want to transfer assets so as to avoid losing them for payment of debts, but one has to approach such matters carefully and with proper professional advice. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  3. 3.  One universal rule of New York asset protection, though, is that planning needs to take place well in advance. As a reminder of some of the basics of asset protection, I happened upon this article on the topic of “fraudulent conveyance.” Fraudulent conveyance or fraudulent transfer means exactly what was described above: the transfer of assets for the purpose of defaulting on a just debt. Not only is this ploy unlikely to succeed, it is also considered a form of fraud by the law (as the name implies), and hence a criminal offense. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  4. 4.  If a transfer of assets is made before a debt is acquired, then there is no evidence of fraudulent conveyance. If it was made a long time ago, but after the debt was undertaken, you may be all right – but seek competent legal advice to be certain. If there’s already a creditor sniffing around, then it’s too late. You cannot legally avoid your obligation by transferring assets, and attempting to do so could put you in legal hot water. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  5. 5.  Of course, protecting your assets is a cardinal rule of NY estate planning. But as always, there are two cardinal rules that need to be followed: 1) make your plans early, and 2) seek good professional advice for navigating the treacherous waters involved. Where an action could not only prove ineffectual but actually incur criminal penalties, that is even more true than usual. Place logo or logotype here, otherwise delete this. VIDEOLAW OFFICE OF DAVID PARKER BLOGPLLC www.parkertrustlaw.com
  6. 6. Law Office of David Parker Estate Planning and Elder Law  www.parkertrustlaw.com

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