protect assets

Asset protection

The three most important factors are: (i) the identity of the creditor pursuing the client, (ii) the nature of the asset protection that will be pursued by the creditor, and (iii) the extent to which the debtor is willing to go to protect his asset protection. The effective functioning of this system however, suffers owing to a paucity of information, lack of trained manpower and political and bureaucratic influence; issues identified in other studies focusing on the decision making structure within the country[7,14,39].

Asset protection is based on the basic principle that any asset owned by a person (with some minor exceptions, like an ERISA-qualified retirement plan) can be reached by that person's creditor. Irrevocable trusts that are not grantor trusts are not the answer for income-producing asset protection because of adverse income tax results. The punishment often includes community service, including sitting on juries in upcoming cases.

One of the parameters used to assess the effectiveness of reforms in achieving their stated objectives has been their effect on equity. Some states provide criminal penalties for (1) falsely holding oneself out to the public as a lawyer, and (2) the unauthorized practice of law by a non-lawyer. The country's health and development indicators are depicted in Table 1.

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