One must imagine how disappointing it must be for a doctor to take the base of his wealth and in fear of lawsuit for the entire asset base of this position to be transferred to a wife and to children, and ultimately for this transaction to be unwound because the court examines this transfer and detects badges of fraud. Now in this particular case, this sort of planning has been done for years and years by physicians of all sorts. Unfortunately the plan is not comprehensive. It does not supply these other benefits, it does not supply the kind of reasoning that the court wants to see in judging this plan as a non- fraudulent transfer. In many cases, those persons that have fraudulently transferred are normal everyday business people, lawyers, accountants, those people who you would think would be aware of this.
Most lawyers are painfully unaware of how asset protection works.
Almost all accountants are, as well as financial planners and other trained financial practitioners. The answer to this problem is relatively simple. If one were to have an appendectomy, one would desire a trained professional. When something as simple as a tune up on a car is done, most people turn to a professional. When tax forms are filed the average citizen retains the services of a trained professional.