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Florida Courts Extend Statute of Limitations for Fraudulent Transfers up to 20 Years!

In a recent Florida appeals case (Biel Reo v. Barefoot Cottages Development, 2014) two debtors defaulted on a loan and shortly thereafter transferred millions to irrevocable trusts naming their wives as trustees. The creditor obtained a judgment and pursued collection efforts through the court arguing the wives received “fraudulent transfers”.  The trial court ruled in favor of the trustee-wives because the statute of limitations (SOL) for fraudulent transfers had expired, therefore the funding of the trusts could not be reversed. On appeal, however, the court reversed and found that the SOL did not apply, and the period for collection extended for the 20-year life of the judgment!

The fear is that courts will not respect the statutes of limitation for fraudulent transfers, allowing assets in protective entities to be available to creditors as long as 20 years after funding. This casts doubt on the integrity of domestic Asset Protection planning, confirming that effective Asset Protection requires the ability to ultimately remove assets from the reach of US courts. The Bridge Trust ® is just this kind of protective entity that can place your assets in a jurisdiction that does not recognize US courts or judgments.

Timing is critical when it comes to asset protection. The time to protect assets is NOW, before you face a judgment.  Waiting only increases the risk of fraudulent transfer allegations, potentially creating a 20-year window in which you cannot do much to protect yourself and family.

For a more detailed discussion click HERE.

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This Post Has One Comment

  1. Basically, even if you have an offshore asset protection trust wrapped in an llc…the courts can still throw you in jail for non-compliance…So, there must be a better way then these asset protection trusts to protect your money from these criminals who run the courts and this country…

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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