Asset protection lawyers spend a lot of time thinking of inventive ways to shield assets. Sometimes, however, the best solution to a problem is simply using an old tool in an new or innovative way. A special power of appointment…
We posted previously on the cause of the rising mortgage foreclosures and strategic default. On February 14, 2011 the Department of Housing and Urban Development ("HUD") showed its love and Valentine's Day spirit by announcing an increase in premiums for…
In an earlier post on fraudulent conveyances, we discussed how a fraudulent conveyance works in very simple terms. This post is a discussion of types of fraudulent conveyances and will discuss three general kinds of transactions that can be overturned…
In previous posts regarding strategic default, we discussed the concept of speculation. Here's why mortgage insurance, or MMIF, failed to be enough: While real estate became the subject of speculation by individuals, mortgages became the subject of the speculation by…
A fraudulent conversion is a transfer of assets from an unprotected state into a state of being an exempt asset. Assets in an unprotected state can be attacked by creditors. Exempt assets cannot be attacked by creditors. While legal title…
A 529 savings plan is an account intended to help families save for the cost of college tuition. Such plans can be operated by states or educational institutions, and all 50 states offer at least one type of 529 plan…
We spend a lot of time thinking about and writing about fraudulent conveyances here at Lodmell & Lodmell. That's because a fraudulent conveyance can totally defeat an asset protection plan, no matter how good your asset protection attorney may be. …
In the last two articles on this series regarding strategic default, we discussed the financial considerations and consequences of actively choosing to let a mortgage go into foreclosure, and we discussed the general conditions leading up to our current situation. …
Foreclosure. When you think about it terms of yourself, it sounds really bad, doesn't it? For some it even feels morally wrong. Let's face it, you undertook an obligation. We live in a society where we have been conditioned to…
In Part I of this series on Strategic Default, we discussed financial circumstances that make mortgage foreclosure the best option for people who owe more on real estate than the real estate is worth--people who are "underwater" on their mortgages. …