Asset Protection and Risk Mitigation plans help builders prepare for the worst, so the worst doesn't happen to you.
You're making money again. Let's protect some of it this time. During the recent recession, some of the best operators in the business could not sustain their operations through the economic upheaval that engulfed our entire nation. Just as bad are the many instances of builders who worked for decades to earn their reputations for integrity and paid their bills promptly during good times, only to be bullied by the Goliaths, be they bankers, creditors, or partners who turned on them.
Definition from Black's Law DictionaryFraudulent conveyance: A transfer of property for little or no consideration, made for the purpose of hindering or delaying a creditor by putting the property beyond the creditor's reach; a transaction by which the owner of real or personal property seeks to place the property beyond the reach of creditors.
Asset Protection Tactics
Definition from Black's Law DictionaryCharging order: Partnership. A statutory procedure whereby an individual partner's creditor can satisfy its claim from the partner's interest in the partnership.