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Asset Protection
Asset protection planning is the process by which individuals or businesses restructure the ownership and/or control of their assets to protect them from being taken by creditors or to otherwise minimize the risk of losing the assets. Asset protection planning must be done in advance of a creditor's claim ripening. Transferring assets after a creditor’s claim has become ripe, or at a point where there is a probability of the claim being successfully prosecuted, can lead to a claim of creditor fraud. Creditor fraud can result in the asset protection transaction being reversed.
Asset protection planning comes in all shapes and sizes. There is no "boilerplate" strategy that works for everyone. In general, asset protection planning involves transferring assets to others for value, transferring assets as a gift, or re-titling assets. Omni Law Group can review your situation and come up with an asset protection strategy that fits your situation and objectives.