It is, of course, painfully difficult to
call what Reed and Cohen put together anything like valid asset protection
planning. Sadly, at a certain low level this is the standard of practice, such
as it is, that goes on with mass-marketed asset protection planning.
Asset protection planning is not
intended to be a game of silver bullets or invincible armor. Sadly, this
doesn’t prevent certain salesmen from marketing asset protection in that way
and certain debtors from buying into it.
tale of gullibility, faked complexity, and predictable endings can be found in
a recent Forbes article titled “Bill 'Bulletproof A$$et Protection' Reed's
Complex Plan Pierced By Nominee And Alter Ego Theories.” The case of U.S. v. Cohen, C.D.Ill. Case No.
08-3282 (Mar. 8, 2013), chronicles an asset protection plan so frightfully poor
it could only be described as the “Bulletproof A$$et Protection.” Just the
label used to market this “asset protection” scheme should give pause to the
protection is all about understanding the legal nature of your assets and the
potential risks that may threaten your future use and enjoyment of those
assets. Certainly state and federal laws offer varying degrees of protection,
as do time-tested legal strategies. It’s as much art as science, but not magic.
is not a do-it-yourself program. Seek qualified legal counsel for assistance.
Reference: Forbes (March
31, 2013) “Bill 'Bulletproof A$$et Protection' Reed's
Complex Plan Pierced By Nominee And Alter Ego Theories”