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Note: Another thing to think about. Over the years I have been involved in numerous asset search and recovery matters where the person that the bank account, collectibles, stocks, bonds, real estate or other assets were transfered to ended up closing out, selling or otherwise transfering or encumbering the assets, leaving the original owner with nothing. No matter how much you trust someone today you never know what the future will bring. Other services offer to set up a revocable living trust. They state that the assets then will belong to the trust and be protected from your creditors. As any competent attorney will advise you, this theory is completely false. Since the assets placed in the trust are yours and since you control the trust then you and the trust are the same thing and a creditor can go after any assets placed in the trust. While a revocable living trust may not be a fraudulent transfer, neither is it a way to protect your assets from creditors. I am not saying that all asset protection companies are worthless or might get you into trouble. I assume that there are some excellent and knowledgeable asset protection companies out there. I just would feel safer getting advice directly from an attorney. The best way to find out if your assets can be protected and if protecting them is worth the cost is to seek the advice of an attorney who specializes is asset protection, debt collection, estate planning or, in certain cases, bankruptcy law. In some cases the attorney will provide a free or low cost consultation. Note: I am not an attorney and none of the foregoing should be construed as legal advice. This article is written strictly as my opinion based on life experiences through both my personal life and my work as a private investigator dealing with attorneys in asset search and recovery matters. As in all matters of law you should always consult an attorney before taking on any legal endeavor. About the author: David G. Hallstrom, Sr. is a retired private investigator and currently publishes several internet directories including http://www.resourcesforattorneys.com/ a legal and lifestyle resources directory for attorneys, lawyers and the internet public. October 27, 2005 4:44 PM Story Options: Reader Comments Print this story Email a friend ©2005 Copyright Calkins Media, Inc. All rights reserved. This is cache, read story here
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