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Fraudulent Transfers
Farr Law Firm’s asset protection attorneys make recommendations and implement strategies to minimize the exposure of clients’ assets to creditors, and one of the highest forms of asset protection to date they can suggest is the Asset Protection Trust. Of course, one of the main concerns with an Asset Protection Trust, as well as other forms of asset protection strategies, is that they not be voided under the law as a fraudulent transfer.
Florida’s Fraudulent Transfer Statute
Like all states, Florida has a Fraudulent Transfer Statute. This statute prohibits transfer of assets from a holding in which they are subject to creditor’s claims to a holding to which they are exempt from creditor’s claims, when the transfer is undertaken with the intention of avoiding, hindering or delaying creditors.
Thus, in simplest terms, once a claim is made or litigation is commenced, the ability to transfer assets beyond the reach of creditors is significantly limited. Accordingly, advance planning is the key to a successful asset protection strategy.
If the Farr Law Firm can be of service to you or your business endeavor in the protection of assets, please feel free to contact the firm to schedule an appointment at (941) 639-1158 (Punta Gorda office) or (941) 460-9334 (Englewood office). It is our honor to serve you.
