Asset protection practices pick up in wake of new bankruptcy law 2
by Reni Gertner
Continued from page 1.
Even if a person is sued the day after creating such a trust, Ensing said he would argue that the suit wasn't foreseeable at the time the trust was created, and therefore the trust wasn't a fraudulent conveyance.
Review ownership of family assets.
Generally, creditors cannot reach assets belonging to the non- physician or non-business owner spouse, Steinkrauss said, and therefore he often recommends that the spouse own major family assets.
Protection also extends to children's assets and any assets held in trust for family members.
However, Ensing said this method of planning might not work well if the spouse doesn't have his or her...
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