Spousal Transfers Are Flawed Asset Protection
New article from Attorneys of Donlevy-Rosen & Rosen analyzes the flawed asset protection strategy that leaves some broke
MIAMI, Aug. 7, 2013 /PRNewswire-iReach/ -- Attorneys Howard Rosen and Patricia Donlevy-Rosen have published a new article which highlights the risks associated with spousal transfers, an asset protection technique which can put a client's assets at risk. The article is published through Donlevy-Rosen & Rosen's periodic publication The Asset Protection News™ and can be viewed on the firm's website at www.protectyou.com.
A spousal transfer is an asset protection "strategy" in which the client seeking protection transfers his or her property to the other spouse. This strategy has serious drawbacks, not the least of which is that the assets can be lost entirely if the client's spouse files for divorce, is sued, or dies without proper planning.
"Client's don't want to think negatively about their spouses, so the idea that their husband or wife may file for divorce doesn't cross their mind" says attorney Howard Rosen. Rosen continued, "other possible scenarios are the spouse being sued, or dying without proper planning in place." Once either happens, Rosen says there is little that can be done to protect the assets.
Rosen also explains that spousal transfers are not even a reliable method of protecting the assets from the original creditor, as many courts will hold that the assignment of assets to the spouse was a fraudulent transfer, and simply undo it. Rosen added that "proper asset protection strategies always involve the use of an offshore trust, and are most effective when implemented before a creditor's claim arises."
Clients and practitioners seeking a way to effectively protect assets from potential creditors should contact the law firm of Donlevy-Rosen & Rosen, P.A. at (800) 417-7134.
Direct link to the article: http://trustne.ws/apnxxi
View recent articles in The Asset Protection News™: http://trustne.ws/apn
About Donlevy-Rosen & Rosen, P.A.
Donlevy-Rosen & Rosen, P.A. is law firm with a national practice focused on asset protection planning and offshore trusts. Attorneys Howard Rosen and Patricia Donlevy-Rosen co-founded the firm in 1991, and have since become internationally recognized authorities in the field of asset protection planning. On the web: http://protectyou.com.
About Patricia Donlevy-Rosen, Esq.
Donlevy-Rosen is the author of "Asset Protection Planning," a Tax Advisors Planning Series book published by Research Institute of America. She concentrates her practice in the protection of immovable assets such as real estate. Full bio: http://trustne.ws/pdr.
About Howard Rosen, Esq.
Rosen, an attorney and Certified Public Accountant, is the founding author of the BNA Tax Management Portfolio "Asset Protection Planning" (1994, 2002), and is considered an authority on offshore asset protection planning. Rosen was an adjunct professor at the University of Miami School of Law for twenty years. Full bio: http://trustne.ws/hdr.
Media Contact: Sam Phillips, Donlevy-Rosen & Rosen, P.A., 305-447-0061, firstname.lastname@example.org
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SOURCE Donlevy-Rosen & Rosen, P.A.
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