California-based Elder Law Attorney Robert Brumfield has revealed vital areas to help protect assets if an estate is hit with a lawsuit.
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The Founder of the Law Offices of Robert H. Brumfield, P.C., in Bakersfield, CA., said that leveraging sophisticated legal structures when transferring assets into another name is vital to keep the wealth secure, but timing is critical.
"Transferring your estate from your name to a close family member is tempting when you are faced with a lawsuit," he said. "You might think this is a good way to continue controlling your estate, but things can quickly turn for the worse. The person you entitle your wealth to could also wind up in legal trouble, putting your assets at risk."
Brumfield said: "For instance, if you place your estate in your spouse's or another relative's name and they get sued after being in an accident, your assets could be fair game. Matters could become complicated if you decide to divorce and switch assets into someone else's name. The courts could perceive this type of transfer as fraudulent."
Fraudulent transfers are defined as transferring assets to another person at a less than reasonably equivalent value to try to defraud the creditor and could attract hefty penalties. Potentially, a court could force such assets to be transferred back and paid to creditors.
"Transferring your funds when you're in legal trouble could look suspicious and make it seem like you're trying to avoid paying back any debt, which is not the primary purpose behind asset protection planning," he emphasized.
He cautioned that it was crucial to begin the asset planning process early. "This means you and an experienced asset planning attorney have more time to work to put together a solid plan. This should include estate planning for when someone passes away, business and tax planning," Brumfield concluded.
Name: Robert H Brumfield
Email: Send Email
Organization: Law Offices of Robert H. Brumfield, P.C.
Address: 1810 Westwind Drive, Suite 100, Bakersfield, CA 93301
Phone: (661) 416-3735
Release ID: 89077214
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