Back in February I described asset protection as the legal techniques that protect your wealth from creditors and predators. Here’s what I wrote:

Is asset protection some kind of euphemism for stiffing banks? No way. It’s more about planning before you borrow the first dollar, about defining what assets are available to lenders if things go bad. Better to work out these details in advance. Negotiations can be one-sided as creditors bear down during duress.

Ike Devji, who is an asset protection lawyer, outlined ten ways to protect your net worth in his post, Asset Protection for the Middle Class. And now by popular demand, he’s back.

Click here to download Ike Devji’s white paper: Common Fatal Flaws of Asset Protection Planning.

Here’s one of the flaws that Ike describes in great detail:

7.  RELYING ON GIFTING TO RELATIVES (SEE ALSO FAILING TO ACT) Transferring all of your assets to your spouse and/or children, especially after something has happened, will not protect your assets from a lawsuit. Even if it did protect you from your lawsuits, transferring your assets to your spouse and/or children opens up another Pandora’s Box….

Download Ike’s white paper about avoiding mistakes as you consider how to title your assets.

Norb Vonnegut

About the author

Norb Vonnegut wrote 178 articles on this blog.

Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.

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