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Asset Protection In Michigan Must Be Done Right

There is no “one-size-fits-all” strategy when it comes to asset protection in Michigan.  The “basic principles” of asset protection include:

  1. The earlier the better;
  2. There are no magic bullets;
  3. It is not about hiding assets.

Many practitioners avoid Asset Protection Planning (APP) or try to dissuade their clients from using APT’s (Asset Protection Trusts), fearing that an APP is unethical.  That fear is usually based on a lack of knowledge of the asset protection area of law.  More than 15 states have inacted domestic asset protection trust (DAPT) legislation.  This widespread legislative adoption supports the position that APP is ethical.

When it comes to asset protection, one must be SURE that he is dealing with a licensed professional with 15 or more years of active experience in the complex field of asset protection law.  Take the case of James Greiff who retained an attorney claiming to be an “expert in the areas of asset protection” who would represent him for a “discounted fee of $44 thousand”.  When the battle was over, Greiff was :minus his assets.”  William S. Reed, a disbarred attorney, founded Asset Protection Group, whom I did a negative expose’ on in 2001, “was sentenced to nine years in federal prison” for his schemes.  For years Steven Sears (disbarred in 2011) ran ads every day in the L.A. Times promoting his asset protection services.  Sears and two associates were arrested for “defrauding more than a dozen people out of at least $800,000.”

Be sure to utilize qualified and competent specialists in the areas of asset protection and estate planning.



This post first appeared on Blog For Estate Planning In Michigan | Casper P Connolly, please read the originial post: here

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Asset Protection In Michigan Must Be Done Right

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