New Respect For Financial Products

I never stop learning about asset protection; I am always looking for new and better ways to protect people’s assets. This week I attended a meeting of a small number of nationally recognized financial professionals and tax attorneys as a guest of one of the member firms. The majority of attendees were nationally recognized financial planners who were top producers; the professionals at this conference service exclusively the wealthy and very wealthy.

At this conference I learned about several advanced level financial products that can be great asset protection tools. I have found that many asset protection clients reject financial protection tools because these tools are primarily insurance based. I had usually agreed with my clients that they should be suspect of insurance and annuity programs because someone was making a commission.

I have changed my mind. The cutting edge financial products include some very effective asset protection solutions. For instance, in many cases pledging non-exempt assets to finance premium payments can protect equity in these assets from creditors and also provide a good investment. To the extent a debtor client can show a credible financial benefit, premium financing should defeat fraudulent conveyance attacks.

Legal tools may not always be the exclusive asset protection solution. I came away from this meeting with the lesson that I and my future asset protection clients need to work more closely with sophisticated and experienced financial professionals. Don’t worry that someone may make a commission for providing effective solutions. Worry more about protecting the rest of your money from your enemies.

posted by Jonathan Alper, asset protection and bankruptcy attorney, Orlando, Florida