{"id":500,"date":"2019-06-14T16:29:39","date_gmt":"2019-06-14T16:29:39","guid":{"rendered":"https:\/\/tavasllc.com\/?p=500"},"modified":"2026-10-05T13:41:32","modified_gmt":"2026-10-05T18:41:32","slug":"asset-protection-nownot-later","status":"publish","type":"post","link":"https:\/\/legendcreative.com\/dev\/tavasllc\/asset-protection-nownot-later\/","title":{"rendered":"Asset Protection:  NOW\u2026not later"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row css=&#8221;.vc_custom_1780434187667{background-color: #C7C7C7 !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221;]<\/p>\n<h2><span style=\"color: #000000;\">Asset Protection:\u00a0 NOW\u2026<em>not later<\/em><\/span><\/h2>\n<p><span style=\"color: #000000;\">An important business strategy is protecting business assets by creating an asset protection plan.\u00a0 Assets that need to be protected include: personal residence, business and investment real estate, bank accounts, retirement accounts, marketable securities, machinery, and business or personal vehicles.\u00a0 The more liquid an asset, the more attractive an asset can be to a judgment, lawsuit, or a creditor.<\/span><\/p>\n<p><span style=\"color: #000000;\">Threats to an asset include harassment, discrimination, divorce, malpractice, bankruptcy, and accidents related to a person or business property.\u00a0 An attorney will seek recourse by determining the monetary value of liquid assets by searching deeds and\/or titles.\u00a0 Assets owned directly by a business or person are often easily reachable and can be used to satisfy a claim.\u00a0 \u00a0Using the proper legal tools can help to make one\u2019s net worth look less visible.<\/span><\/p>\n<p><span style=\"color: #000000;\">Business owners typically rely on insurance to act as a shield from lawsuits that can put their assets at risk.\u00a0 Typically, insurance payouts come from policies, not personal and\/or business assets, leaving the perception that the business owner did not lose anything of value. \u00a0These settlements usually happen quickly and with minimal fees, making it an easy way for attorneys to settle through negotiations.\u00a0 Consequently, insurance can sometimes increase the chance of a lawsuit, not discourage it.<\/span><\/p>\n<p><span style=\"color: #000000;\">TAVAS recommends transferring assets to a limited liability company (\u201cLLC\u201d) to create an extra layer of protection.\u00a0\u00a0 It is important to transfer high risk assets, those that are generally more dangerous in nature.\u00a0 For example, a heavy piece of machinery, like a semi-trailer, carries more risk of harm than a company car driven by an owner.\u00a0 Additionally, more valuable assets and those crucial to the production of business should always take priority when transferring to an LLC.\u00a0 For example, a semi-trailer used in hauling in operating the company is more crucial than an office desk or chair.<\/span><\/p>\n<p><span style=\"color: #000000;\">Asset protection is also important when a company incurs a change in their line of business or fears insolvency.\u00a0 Keeping assets in the operating company, puts them at the reach of creditors if the current line of business fails.\u00a0 Dissolving an operating company, without liquidating the assets allows the new company to continue to exist for a new line of business.<\/span><\/p>\n<p><span style=\"color: #000000;\">All asset protection plans will likely fail if they are not completed <strong><em><u>before<\/u><\/em><\/strong> an insolvency or judgment occurs to avoid a fraudulent conveyance ruling. \u00a0Under the Uniform Fraudulent Transfer Act, a fraudulent conveyance is the transfer of property with the intent of delaying or defrauding a known creditor.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn1\" name=\"_ftnref1\">[1]<\/a><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn2\" name=\"_ftnref2\">[2]<\/a>\u00a0 The court will investigate facts to ascertain the intent and timing of an asset transfer.\u00a0 For example, the court will examine if the transfer was made to a family member, whether the debtor retained control and use of the property, and if after the transfer rendered the debtor insolvent.<a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftn3\" name=\"_ftnref3\">[3]<\/a>\u00a0 Additionally, the court will examine the timing of the transfer, was it transferred before or after a claim for payment was made, within the normal course of business, or years after the formation of the business.\u00a0 Any of these factors can conclude to a fraudulent conveyance resulting in the reversal of the transfer and make the assets become reachable in a judgment or lawsuit.<\/span><\/p>\n<p><span style=\"color: #000000;\"><em>Don\u2019t wait! <a style=\"color: #000000;\" href=\"https:\/\/tavasllc.com\/contact-us\/\">Contact TAVAS<\/a> to start your customized Asset Protection Plan, today!<\/em><\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref1\" name=\"_ftn1\">[1]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/definitions.uslegal.com\/f\/fraudulent-conveyance\/\">https:\/\/definitions.uslegal.com\/f\/fraudulent-conveyance\/<\/a>.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref2\" name=\"_ftn2\">[2]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/www.law.cornell.edu\/uniform\/vol7#frcon\">https:\/\/www.law.cornell.edu\/uniform\/vol7#frcon<\/a>.\u00a0 Approximately 40 states in the U.S. follow the Uniform Fraudulent Transfer Act.<\/span><\/p>\n<p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"\/dev\/tavasllc\/#_ftnref3\" name=\"_ftn3\">[3]<\/a> <a style=\"color: #000000;\" href=\"https:\/\/definitions.uslegal.com\/f\/fraudulent-conveyance\/\">https:\/\/definitions.uslegal.com\/f\/fraudulent-conveyance\/<\/a>.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>An important business strategy is protecting business assets by creating an asset protection plan.\u00a0 Assets that need to be protected include:<\/p>\n","protected":false},"author":5,"featured_media":501,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asset-protection"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Asset Protection: NOW\u2026not later - Tavas LLC<\/title>\n<meta name=\"robots\" content=\"index, follow, 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