Wealth preservation and asset protection is a growing concern for our clients as society has become increasingly litigious. Clients are often interested in understanding their options for preserving and protecting the wealth that they have accumulated for the long-term benefit of themselves and their loved ones, to the greatest extent possible. Some individuals and professions have greater exposure to risk and creditors than others, such as doctors, lawyers, entrepreneurs, top executives and owners of real estate, just to name a few. With proper planning, individuals can mitigate some of the potential risk of having their assets depleted at the hands of a creditor.

There are numerous asset protection strategies available to protect assets from the bite of creditors, while still preserving access, to some degree, for a client. However, proper timing for implementing such strategies is of the utmost importance. Asset protection planning should be pursued when there are no existing or foreseeable liabilities or claims (or at least when there are significant surplus assets beyond those necessary to satisfy any such liabilities or claims). Otherwise, any attempt to transfer assets could be considered a fraudulent transfer with the intent to hinder, delay or defraud creditors (in such situations, statutory remedies would be available to creditors under the Pennsylvania Uniform Fraudulent Transfer Act, 12 Pa.C.S.A. §5101 et seq.).

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