When Transferring Assets to Family Backfires

It's like a never ending what-if scenario during many of my consultations, but when clients want asset protection, or at least what they think is asset protection, many ask about transferring assets to family as a form of pre-litigation planning.  Obvious fraudulent transfer issues aside, let's see how this worked out for Mohammad from California: At Mohtasham's suggestion, for asset protection purposes, Mohammad quitclaimed his house in Moreno Valley to Mohtasham's wife. He never got it back. Well, that can happen sometimes.  Perhaps this asset protection strategy worked out just fine, i.e. his creditors didn't get the house, but ultimately [...]

By |October 10th, 2020|Categories: Asset Protection|Tags: , |
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