When should I start asset protection planning?
It is best to start asset protection planning when the coast is clear. It’s difficult, if not impossible to engage in asset protection planning after there’s a creditor. A creditor doesn’t mean necessarily that a lawsuit’s been filed. There can be a creditor right when the accident has happened or the act giving rights of liability has already occurred. That’s why it’s best to start asset protection now, when there is no creditors on the horizon, because any transfers made after a creditor has arisen could be considered a fraudulent transfer, and can be unwound by a court.