By Jason Palmisano. Don’t wait until you are sued or threatened with a lawsuit to begin planning to protect your assets. If you do then it may be too late. Transfers after the sharks are circling in an attempt to move assets out of the reach of your judgment creditors (or potential judgment creditors) could be deemed a fraudulent transfer. Florida Statute 726.105 provides a transfer made by a debtor is fraudulent as to a creditor if the debtor made the transfer “with actual intent to hinder, delay, or defraud any creditor of the debtor”. One of the key factors in determining the debtor’s intent is whether or not the debtor had been sued or threatened to be sued before he or she transferred the assets.
Don’t dawdle. The time to implement asset protection planning is now. You can contact one of the attorneys in our estate planning group for more information.