Asset Protection Law Journal

Asset Protection Law Journal

Helping individuals and businesses take advantage of asset protection laws

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Asset Protection Beyond the Grave: Claims Against a Deceased Person’s Assets

Posted in Asset Protection Strategies/Alternatives, Estate Planning, Ohio law

In 2017 there have been a variety of discussions among leading estate planning attorneys about the extent to which Ohio law now protects a deceased person’s assets from the claims of a creditor.  For many years it has been clear that a creditor could make claims against the probate assets (assets passing under a will)… Continue Reading

Thorough Estate Planning Can Help Protect Assets – and Provide More Privacy

Posted in Benefits of Asset Protection Planning, Estate Planning

Much of my work is centered on helping clients protect their assets during their lifetimes.  But most people also want to make sure that their assets are protected after their deaths. A recent article in the New York Times describes a very public fight among relatives of actor/comedian Robin Williams.  His widow and his children… Continue Reading

Nursing Homes Use Guardianship Law as a Collection Tool

Posted in Creditors' Rights, Estate Planning

An amazing article on the front page of today’s New York Times reports that nursing homes in New York are increasingly seeking guardianship over certain residents simply to gain control of their finances.  The author, Nina Bernstein, acknowledges that in some instances, a nursing home might seek guardianship because there is no relative capable of… Continue Reading

Estate Planning Checklists Should Include Online Accounts

Posted in Estate Planning

Most of us now have multiple on-line accounts that require some sort of password in order to access that account.  Concerns about privacy and protecting assets make us inclined to keep these passwords secret.  Unfortunately, very few people consider what happens if they die and no one can access their on-line accounts. Your asset protection/estate… Continue Reading

Disclaiming an Inheritance can Constitue a Fraudulent Conveyance

Posted in Estate Planning, Fraudulent Conveyances

Transferring an asset under certain circumstances can constitute a fraudulent conveyance.  Refusing to accept an asset can also constitute a fraudulent conveyance. Let’s say that you owe a creditor a significant amount of money.  You then learn that you have received a substantial inheritance.  If you take the inheritance it will go to the creditor.  So… Continue Reading

Asset Protection Planning Should Have a Multi-Generational Focus

Posted in Asset Protection Strategies/Alternatives, Benefits of Asset Protection Planning, Estate Planning

It is generally estimated that more than half of all Americans have absolutely no estate planning documents.  This can potentially create a lot of hassles for your loved ones. But even those Americans with very good estate planning documents often fail to focus on asset protection for their children and other beneficiaries.  If you simply… Continue Reading

An Asset Protection Plan is Different Than an Estate Plan

Posted in Asset Protection -- Definition, Estate Planning

While estate planning and asset protection planning are related, they are not the same.  An asset protection plan is designed principally to protect your assets from creditors during your lifetime.  It can also be designed to protect assets you leave to your spouse, children and other family members. An estate plan is focused more on… Continue Reading

Family LLC’s

Posted in Estate Planning, Limited Liability Company

Family limited liability companies can be a convenient vehicle to hold and administer family investments.  They offer significant benefits from both an estate planning and asset protection standpoint.  Until recently, the entity of choice for family investments was a family limited partnership (often just called an FLP).  While there is nothing wrong with an FLP, we are… Continue Reading