Beware of Federal Super CreditorsBeware of Federal Super Creditors
Is there such a thing as bulletproof asset protection against federal claims? Many estate planners say and advise their clients to use or rely on certain techniques and tools like state exemptions, tenancy-by-the-entirety property rights, limited liability company (LLC) interests or beneficial interests in trusts. But many of these same estate planners offer their advice based on two mistaken assumptions:
Mark Merric, Michael J. Bland & Mark Monasky, M.D.
Is there such a thing as bulletproof asset protection against federal claims? Many estate planners say “yes” and advise their clients to use or rely on certain techniques and tools like state exemptions, tenancy-by-the-entirety property rights, limited liability company (LLC) interests or beneficial interests in trusts. But many of these same estate planners offer their advice based on two mistaken assumptions: first, that state law defines what a property interest is, and second, that all federal creditors must follow state remedies. So let's clear up how property interests are defined and the rules surrounding what federal creditors can and can't do. Then you won't make the same mistake...
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