Steve Leimberg’s newsletter issued on May 3, 2005, provided another analysis of the effect of the new bankruptcy law on asset protection planning. The newsletter entry written by Jay Adkisson and Cris Reiser states that the new bankruptcy law changes the debtor-creditor paradigm.
I have been receiving several email questions about the new bankruptcy law. One person complained because the new information was not yet incorporated on my website. This law is more complex than it seems. It raises many issues that will take years to resolve through court decisions.
The Senate’s immanent has been widely reported in the press. The bill proposes an effective date six months after it is signed by the President.
I received a call from an attorney in Alabama about his physician client who was interested in declaration of Florida residency and protection under Florida homestead law. The physician owned a house in Florida which he visited occasionally.
A caller asked me if a debtor could protect assets by legally changing his name and then conveying assets to his new legal name. He reasoned that this would not be a fraudulent conveyance because he was transfer title to himself, just under a new name.
Another article about doctors dropping malpractice insurance in today’s (March 23, 2004) Wall Street Journal in the Personal Business Section. Article says doctors are trying to get patients to waive their right to file “frivolous lawsuits”. Also, physicians have threatened to file counter-claims against any patient who files lawsuit against them in order to intimidate patient and to delay the …
In December, 2003, Newsweek Magazine ran a cover story on the lawsuit epidemic in the United States. The fear of lawsuits demonstrated in this article underlines the need for asset protection planning. The following is a quote from the introduction in this article.