Asset protection planning is notintended to be a game of silver bullets or invincible armor. Sadly, thisdoesnâ€™t prevent certain salesmen from marketing asset protection in that wayand certain debtors from buying into it.
Atale of gullibility, faked complexity, and predictable endings can be found ina recent Forbes article titled â€œBill 'Bulletproof A$$et Protection' Reed'sComplex Plan Pierced By Nominee And Alter Ego Theories.â€ The case of U.S. v. Cohen, C.D.Ill. Case No.08-3282 (Mar. 8, 2013), chronicles an asset protection plan so frightfully poorit could only be described as the â€œBulletproof A$$et Protection.â€ Just thelabel used to market this â€œasset protectionâ€ scheme should give pause to theprudent.
Assetprotection is all about understanding the legal nature of your assets and thepotential risks that may threaten your future use and enjoyment of thoseassets. Certainly state and federal laws offer varying degrees of protection,as do time-tested legal strategies. Itâ€™s as much art as science, but not magic.
This is not a do-it-yourself program. For more information on Asset Protection, contact IdahoEstate Planning and schedule aconsultation. Remember,good planning is no accident.