Protect Your Assets
The goal of asset protection planning is to change a creditor's economic analysis. One must analyze timing, the creditor, and the specific assets under consideration.
Asset protection is not about hiding assets. It doesn't work. They will be found out in a debtor examination. Perjuring oneself is not an option.
You have the right to defend your assets against attackers. Vehicles, homes, bank accounts and more can potentially be lost. There are many examples of individuals being sued for the banal to the bizarre. Just google weird lawsuits.
When unprotected you can lose everything. This is why frivolous lawsuits exist.
There are ways to protect your belongings though. Some are simpler and others require more paperwork. These cost less than insurance and provide better protection. Each provide unique benefits which may or may not be for you:
Charging order protection, and statutes protecting Single-Member LLCs. Wyoming is a perennial favorite.
Anonymously own assets so nosy neighbors, needy family members and aggressive creditors can't take advantage of you.
Creditors can't take what you don't own. Protect against bankruptcy, divorce and taxes. Self-settled trusts, private trust companies and more.
Deductible contributions, tax-free deferral and immunity from creditors. A contender to an asset protection trust.
Taking steps after a lawsuit or an event occurs, such as transferring title to assets, may be seen as a transparent effort to avoid a judgment. It can therefore be nullified. An ounce of prevention is worth a pound of cure.
Go through legal channels no matter what you do. Moving money in the wrong ways to the wrong places might put your belongings out of the reach of your creditors AND you, but the long arm of the IRS is sure to follow.