The Wild Wild World of Wealth

Tag archive for ‘asset protection’

  • Fatal Flaws of Asset Protection Planning

    There is no such thing as a legally recognized “specialist” in the field of Asset Protection, as the Bar Associations of most jurisdictions recognize only a handful of certified specialties including personal injury, maritime law, domestic relations law, and bankruptcy, among others.

    That being said, there are practitioners that have achieved “expert status” simply by doing good work that withstood the test of time for many people. Despite the differences in strategy and opinion many of these reputable planners may employ, there are some factors that we all have to address in both new plans and in the all too common instances where we have to rehab or salvage poorly executed planning.

    Here is a short summary of issues to keep in mind when addressing this crucial issue; please bear in mind that information in forums like this is not specific to you, is written in the broadest terms and is never a substitute for consulting with an experienced professional:

  • What Does “Umbrella” Insurance Cover?

    It is a great idea to have an umbrella policy, but you and your liability carrier have different ideas about what umbrella means.

  • What is Asset Protection?

    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.”

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