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AVOIDING FRAUDUL...
AVOID FRAUDULENT
TRANSFERS
If you want to protect the assets in
your estate for your beneficiaries in
the future,  then having an asset
protection pla...
However,  protecting your assets can
be a delicate process — especially if
you don’t want to appear to be
“hiding” your as...
THE PURPOSE OF ASSET
PROTECTION
The purpose of asset protection
planning is to evaluate your assets
and arrange them in a way that they
can be protected a...
Transferring assets to Various    
of trusts and establishing
retirement accounts are some
common strategies for asset
pro...
However,  if your protection plan is
not executed correctly,  you may find
yourself accused of creditor fraud or

tax evasi...
WHAT IS A FRAUDULENT
TRANSFER?
A fraudulent transfer,  sometimes
referred to as a fraudulent
conveyance,  means moving your
assets for the purpose of eva...
Whenever you convey assets with
the intent of hiding them from a
legitimate creditor,  you have made a
fraudulent transfer...
The only “intent” required is
knowing that your assets are at risk, 
or could be used to satisfy a
legitimate legal obliga...
AVOID THE APPEARANCE
OF FRAUD
“T '1" . _g_'_, : 
The best way to avoid the appearance of

    

making a fraudulent transfer is to be

u ro active
In other words,  create your asset
protection plan before your assets
before there is a legal judgment or

creditor’s clai...
If you convey your assets at the time
your asset protection plan is
created,  before you are embroiled in
a legal battle, ...
Depending on the circumstances, 
you could be accused of fraud,  even
if debt avoidance was not your
intent

1;.   ScHoMt:...
START ASSET
PROTECTION PLANNING
NOW!
An asset protection plan must be
established long before any
creditOr’s claims have been made,  in
Order to be truly effec...
Why?  Because any transactions you
make involving your assets after the
claims have arisen,  will most likely
be considere...
It is also important to plan ahead
because,  most people do not easily
recognize when a claim Of liability

may arise.  If...
KNOW THE CONSEQUENCES
A dangerous assumption that many
people make is that the only
consequence Of a fraudulent

transfer is that the asset tran...
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ln addition to being required to pay
the attOrney’s fees of the creditor(s)
involved,  the debtor may also lose
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FRAUDULENT
CONVEYANCE IS A CRIME

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Even worse than the civil penalties, 
most States have laws against
fraudulent conveyances,  which
impose stiff penalties ...
In California,  it is Considered a
misdemeanor for anyone who is a
party to a fraudulent conveyance or
who,  with intent t...
or files or procures the filing of any
instrument purporting to convey
property knowing that the person
executing the Same h...
Punishment for a misdemeanor,  in
California,  can be a $1,000 fine and
up to 1 year in a jail

1;.   SCIIOMLZR LAWGROUP

_...
HOW CREDITORS PROVE
FRAUDULENT TRANSFER

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If a creditor is able to Show that you
moved any of your assets,  in an
effort to avoid liability,  those assets
can be se...
‘L.   SCIIOMLZR LAWGROUP

(1) you transferred your property,  l

market Value for that property, 

(2) you received less t...
However,  having an asset
protection plan in place can be Very
beneficial in preventing creditors
from seizing your assets,...
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probate,  trusts,  estates
If you have questions regarding
fraudulent transfers,  or any other
Medicaid planning needs,  please
Contact the Schomer L...
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LEARN MORE ABOUT FRAUDULENT
TRANSFERS IN CALIFORNIA
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Avoiding Fraudulent Transfers in California When Protecting Your Assets

If you want to protect the assets in your estate for your beneficiaries in the future, then having an asset protection plan is crucial. Learn more about fraudulent transfers in California in this presentation.

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Avoiding Fraudulent Transfers in California When Protecting Your Assets

  1. 1. V . . . ) I . .“' V ~ ’, 7*. .. ‘ ' 5“ _. — . v _ . _ — ~ ‘ K ‘ V 4 79 6 : ':: .7."' ¥ K ‘7r, AVOIDING FRAUDULN TRANSFERS WHEN PROTECTING YOUR ASSETS
  2. 2. AVOID FRAUDULENT TRANSFERS
  3. 3. If you want to protect the assets in your estate for your beneficiaries in the future, then having an asset protection plan is crucial 1;. SCllOM[: IR LAWGROUP _ pr0bz'11c.1rusts. cstalcs , X‘ JJ £12
  4. 4. However, protecting your assets can be a delicate process — especially if you don’t want to appear to be “hiding” your assets illegally 1;. SCllOM[: IR LAWGROUP _ pr0bz'11c.1rusts. cstalcs , X‘ _lJ ——r‘. 'z'—
  5. 5. THE PURPOSE OF ASSET PROTECTION
  6. 6. The purpose of asset protection planning is to evaluate your assets and arrange them in a way that they can be protected against loss 3;. SCllOM[: IR LAWGROUP _ probz11c. trus1s. estates . M J-‘ H-2-
  7. 7. Transferring assets to Various of trusts and establishing retirement accounts are some common strategies for asset protection 3;. S('llOM[: IR LAWGROUP _ pr0bz11e. trusts. estates , T , l_ H-2’
  8. 8. However, if your protection plan is not executed correctly, you may find yourself accused of creditor fraud or tax evasion. Understanding what a fraudulent transfer is, as well as how to avoid it, is the first step to keeping your plan on the right side of the law 3;. S('llOM[: IR LAWGROUP _ pr0ba1e. trusts. estates , “ , l_l l H-2’
  9. 9. WHAT IS A FRAUDULENT TRANSFER?
  10. 10. A fraudulent transfer, sometimes referred to as a fraudulent conveyance, means moving your assets for the purpose of evading your creditors or some legal liability 3;. SCIIOMLZR LAWGROUP _ probate. trusts. estates , M , lJ l j
  11. 11. Whenever you convey assets with the intent of hiding them from a legitimate creditor, you have made a fraudulent transfer. You don’t have to know that hiding your assets is illegal 1;. SCIIOMLIR LAWGROUP _ probate. trusts. estates , M _lJ l ——r‘. 'z'—
  12. 12. The only “intent” required is knowing that your assets are at risk, or could be used to satisfy a legitimate legal obligation, and you purposefully move them out of reach 3;. SCIIOMLIR LAWGROUP _ pr0ba1e. trusts. estates , “ , l_l l H-2’
  13. 13. AVOID THE APPEARANCE OF FRAUD
  14. 14. “T '1" . _g_'_, : The best way to avoid the appearance of making a fraudulent transfer is to be u ro active
  15. 15. In other words, create your asset protection plan before your assets before there is a legal judgment or creditor’s claim 1;. SCIIOMLIR LAWGROUP _ probate. trusts. estates , 1" _lJ l ——r‘. 'z'-
  16. 16. If you convey your assets at the time your asset protection plan is created, before you are embroiled in a legal battle, you can avoid the appearance of fraud. In reality, it is all about timing 1;. ScHoMt: R L. /’GROUP _ probate. trusts. estates , M , lJ l j
  17. 17. Depending on the circumstances, you could be accused of fraud, even if debt avoidance was not your intent 1;. ScHoMt: R L. /’GROUP _ probate. trusts. estates , M , lJ l j
  18. 18. START ASSET PROTECTION PLANNING NOW!
  19. 19. An asset protection plan must be established long before any creditOr’s claims have been made, in Order to be truly effective 3;. S('llOMl: ZR LAWGROUP _ probate. trusts. estates , 1" , l_l l —r= .'z'-
  20. 20. Why? Because any transactions you make involving your assets after the claims have arisen, will most likely be considered fraudulent 1;. SCIIOMLIR LMGROUP _ probate. trusts. estates , 1" , l_l l 1,-.2’
  21. 21. It is also important to plan ahead because, most people do not easily recognize when a claim Of liability may arise. If you have already received a demand for payment Of a debt, Or served with a lawsuit, it is probably tOO late 1;. SCIIOMLIR LMGROUP _ probate. trusts. estates , 1" , l_l l 1,-.2’
  22. 22. KNOW THE CONSEQUENCES
  23. 23. A dangerous assumption that many people make is that the only consequence Of a fraudulent transfer is that the asset transaction is canceled Or reversed 1;. SCIIOMLZR LAWGROUP _ probate. trusts. estates , M _lJ l ——r‘. 'z'—
  24. 24. v__‘ ‘ ~ ' v’ l K ‘V7 (f 5' 1 ‘T in / ” *5‘ l , l X‘ ' / / L R; E / :0 ‘/ x A / J / ~s. /*1’ ‘l‘: _“ . I1 l r 7 The fact is, there are some Very serious consequences that may affect, not only the debtor, but also anyone who aided in the fraudulent transfer
  25. 25. ln addition to being required to pay the attOrney’s fees of the creditor(s) involved, the debtor may also lose the chance to discharge the debt in bankruptcy 3;. SCIIOMLIR LAWGROUP " probate. trusts. estates , 1" , l_l l
  26. 26. FRAUDULENT CONVEYANCE IS A CRIME . ' S('ll(): ~1liR l. . GR<. )L'I’ I pl'()l7£llC. lI‘ll. ‘lS. CSILIICS lg?
  27. 27. Even worse than the civil penalties, most States have laws against fraudulent conveyances, which impose stiff penalties for Such transfers. In California, it is considered a misdemeanor for anyone 1;. SCIIOMLIR LAWGROUP _ probate. trusts. estates , 1" _lJ l 1,12
  28. 28. In California, it is Considered a misdemeanor for anyone who is a party to a fraudulent conveyance or who, with intent to defraud, knowingly executes or procures another to execute, conveyed 1;. SCIIOMLZR LMGROUP _ probate. trusts. estates , 1" , l_l l . .«-= ''. :_‘-
  29. 29. or files or procures the filing of any instrument purporting to convey property knowing that the person executing the Same had not right, title or interest in the property so conveyed 3;. SCIIOMLIR LAWGROUP _ probate. trusts. estates , 1" , l_l l H-2’
  30. 30. Punishment for a misdemeanor, in California, can be a $1,000 fine and up to 1 year in a jail 1;. SCIIOMLZR LAWGROUP _ probate. trusts. estates , M _lJ l ——r‘. 'z'—
  31. 31. HOW CREDITORS PROVE FRAUDULENT TRANSFER . ' S('ll(): ~1liR l. . GR<. )L'I’ I pl'()l7£llC. lI‘ll. ‘lS. CSILIICS lg?
  32. 32. If a creditor is able to Show that you moved any of your assets, in an effort to avoid liability, those assets can be seized, even if the transfer has been completed. There are three facts that the creditor must show: 1;. SCIIOMLZR LMGROUP _ probate. trusts. estates , 1" , l_l l ‘f-.2’
  33. 33. ‘L. SCIIOMLZR LAWGROUP (1) you transferred your property, l market Value for that property, (2) you received less than fair . and 3) the transfer left you unable to | satisfy that creditor £4 _ probate. trusts. estates ——f= .'z'-
  34. 34. However, having an asset protection plan in place can be Very beneficial in preventing creditors from seizing your assets, and even more importantly, keeping you out of jail 1;. SCIIOMLZR LMGROUP _ probate. trusts. estates , 1" , l_l l ‘f-.2’
  35. 35. -41,». ‘ac fl . * n"'~" "i‘“. .;; > V lpé; 5" L SCHOMER LAW GROUP probate, trusts, estates
  36. 36. If you have questions regarding fraudulent transfers, or any other Medicaid planning needs, please Contact the Schomer Law Group either online or by calling us at (301) 337-7696 3;. SCIIOMLZR LAWGROUP _ probate. tlusts. estates V 1" , l_l l H-2-
  37. 37. ~, u;-. ,,. v V ‘ | '1l LEARN MORE ABOUT FRAUDULENT TRANSFERS IN CALIFORNIA
  38. 38. ‘, .. , .--P ‘nigh Unma- évg Vi ‘a J. ..‘ ‘.3- he 4%. t. L SCHOMER LAW GROUP probate, trusts, estates L r‘ I Wiyt-3;? l l . ,j/ I , a/It ’ t>‘;1T>l / " -7 K,

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