Asset protection is a set of legal techniques dealing with protecting assets of individuals and business entities from civil money judgments. The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion.
No single asset protection planning plan can provide all the protection that a person needs. No two people have the same circumstances, goals and objectives, risk, or asset. Each person must look at the various alternatives that provide the level of protection that is available and that is compatible with their own circumstances. In each case, tax considerations, both income estate, and gift, must be considered before any action is taken. In every case, where implementing an asset protection plan, careful analysis of the potential impact of the fraudulent transfer act is required.
Many tools and strategies are available for people to consider. Some are relatively simple to plan and implement, such as the use of statutory exemptions and titling of property, such as tenancy by the entirety or as joint tenants with the right of survivorship. Some are more complex. Regardless of your situation, you should consult with an asset protection lawyer. The attorneys at the Morey Law Firm, P.A. have experience with helping people protect their assets from creditors. Contact us today at (407) 426-7222 for a free consultation.