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.

1. Asset Protection Requires Proper
Planning
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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LAW OFFICE OF DAVID PARKER BLOG
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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.
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LAW OFFICE OF DAVID PARKER BLOG
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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.
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LAW OFFICE OF DAVID PARKER BLOG
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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.
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LAW OFFICE OF DAVID PARKER BLOG
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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.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com