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Asset-Protection Planning Ethical? Legal? Obligatory?Asset-Protection Planning Ethical? Legal? Obligatory?
Professional advisors to high-net-worth individuals have responded to our society's perceived litigiousness by developing a subset of estate-planning services known as asset-protection planning that is, planning designed to place assets beyond the reach of potential creditors.1 But some professionals, particularly lawyers, question whether they should be assisting clients in such an endeavor. Specifically,
Gideon Rothschild and Daniel S. Rubin, partners, Moses & Singer LLP, New York, N.Y.
Professional advisors to high-net-worth individuals have responded to our society's perceived litigiousness by developing a subset of estate-planning services known as asset-protection planning — that is, planning designed to place assets beyond the reach of potential creditors.1 But some professionals, particularly lawyers, question whether they should be assisting clients in such an endeavor. Specifically, they question whether asset-protection planning is ethical or even legal. (See, “Shelter From the Storm,” page 38.)
These are compelling issues for today's estate planning practitioner. Yet many aspects of even a traditional estate plan may be character...
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