Mistakes to avoid in your plan Signing for your limited partnership is a mistake you want to avoid. Your limited partnership should never guarantee loans or conduct business, unless you are using that particular entity to conduct a certain business. If you are using it to hold that asset, then it shouldn’t be conducting another business. You [...]
Read the rest of this entry »Posted in Protect Your Wealth, What is Asset Protection
“The concept of Asset Protection has been woven into our legal system since the inception of this country. It is both legal and ethical if done properly and timely and is now a critical part of any complete estate plan.” – Douglass S. Lodmell, J.D.,LL.M.
Read the rest of this entry »By Ike Devji, J.D. Of-Counsel, Lodmell & Lodmell, P.C. The last four years has created an explosion in the Asset Protection planning field due to both the large number of people who have finally realized that their wealth is more finite and fragile than they ever imagined and the litigation boom that inevitably follows tough [...]
Read the rest of this entry »Asset protection is now more popular than ever, as a buzz phrase at least. It’s very easy for estate planning or even corporate or small business attorneys to bill themselves as asset protection lawyers and tack on “asset protection” as one of the services they offer. However, the reality is that very few lawyers have [...]
Read the rest of this entry »In part I of Florida Homestead and Asset Protection, we concluded the discussion with a broad statement that Florida homestead exemptions are available only to individuals or “natural persons.” Availability of Homestead for Asset Protection While it is true that homestead exemptions provide an excellent form of asset protection, they provide such protection on an [...]
Read the rest of this entry »Many people confuse asset protection with hiding assets. At Lodmell & Lodmell, we help our clients develop asset protection strategies and put put asset protection mechanisms in place so that assets don’t need to be hidden. What we do is help our clients create a legal vault for their assets. The vault that we build [...]
Read the rest of this entry »In an earlier post on fraudulent conveyances, we discussed how a fraudulent conveyance works in very simple terms. This post is a discussion of types of fraudulent conveyances and will discuss three general kinds of transactions that can be overturned by a court and cause a serious problem for wealth preservation strategies: Fraudulent Conveyances under [...]
Read the rest of this entry »We spend a lot of time thinking about and writing about fraudulent conveyances here at Lodmell & Lodmell. That’s because a fraudulent conveyance can totally defeat an asset protection plan, no matter how good your asset protection attorney may be. Laws regarding fraudulent conveyances make certain types of transfers wrongful. One type of transfer that [...]
Read the rest of this entry »In the first two articles of this series we discussed what it means to be judgment proof, what it means to have assets, and how certain classes of assets are judgment proof by default. But we are still missing something very important: How can we “judgment proof” unprotected classes of assets like cash, stocks, bonds, [...]
Read the rest of this entry »In this three part series of articles we are going to discuss ways to immunize wealth and assets from lawsuits. Part I (this article) will discuss the concept of being “judgment proof.” Part II will delve into the concept assets that need to be protected. And Part III will broadly overview ways to protect assets [...]
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