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10 Biggest Mistakes in Asset Protection Planning

Author johnbsims3
Admin 

#1 - Posted: 18 Oct 2006 20:38 - Edited by: johnbsims3 
10 Biggest Mistakes in Asset Protection Planning

1. Not Understanding the Purpose of Asset Protection: Asset protection
will not make you "judgment proof."

2. Waiting Too Long To Begin Planning: Preventive planning is both most effective and least expensive before you have legal problems.

3. Believing That It Is Too Late To Protect Assets: Its never too late
to improve protection. Anything is better than doing nothing.

4. Thinking Creditors are Stupid or Lazy: Don't underestimate the
skill and intelligence of your adversaries. Creditors and their attorneys are not stupid.

5. Failure to Comprehend Vulnerability of Your Business: The shares of
common stock you own in your professional practice are vulnerable to
creditor attack.

6. Fraudulent Transfers and Conveyances: You cannot protect assets by giving them to family members.

7. Misunderstanding Salary Exemption: Traps for single business owners.

8. Confusing Estate Planning With Asset Protection: Asset protection is
part of estate planning, but a living trust or will does nothing to protect your assets from creditors.

9. Confusing Bankruptcy Law and Asset Protection Law: The new
bankruptcy law does not affect Florida's unlimited homestead exemption
and other exemptions outside bankruptcy court.

10. Giving Up Control Over Your Assets: The easiest asset protection
plan is to give someone else control over your wealth. This is not a
good solution.

Oh yeah...# 11? Putting all your eggs in one basket.

Author David Harper
Participant 

#2 - Posted: 29 Jan 2010 08:42 
My wife and I have been split up and living in seperate houses for 2 years. We both support our self. We own the two houses. Are we able to claim homestead exemptions on both houses even if we are still married. We are both independent of each other and pay our own bills.

Author johnbsims3
Admin 

#3 - Posted: 29 Jan 2010 11:12 
Yes.

Asset Protection and Estate Planning Florida Homestead Services -- Florida Homestead Exemption Act MiniBB / Asset Protection and Estate Planning /
10 Biggest Mistakes in Asset Protection Planning
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