In its simplest form, asset protection planning means using the laws to your advantage. Some assets by virtue of their type, title, location and character have significant restrictions on creditors’ ability to access them to satisfy a debt. Other assets are off limits all together or are just out of reach. There are also ways of insulating and isolating assets from each other and you. There are different vehicles to employ and jurisdictions’ laws to utilize. Wouldn’t you rather invest in that instead of a significant amount of more money defending each case? 

Asset protection means using the laws to your advantage but it does mean remaining compliant with and respecting the laws. To that end, timing is critical because it can be too late to begin engaging in asset protection. The Fraudulent Conveyance Act, which is governed by Florida Statute Chapter 726, can kick in to unwind your planning if you’re either intentionally defrauding creditors or if a judge deems you to be intentionally defrauding creditors based on a laundry list of factors called the “badges of fraud”. The point here is that thoughtful planning is key to successfully protecting your assets, and doing so now while you’re not involved with creditors is the time to get started.