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Alleged Madoff Victims May be Vulnerable to Other Victims’ Claims

Alleged Madoff Victims May be Vulnerable to Other Victims’ Claims

by Los Angeles Times, February 2009

When contemplating a plan for asset protection, practitioners and their clients often focus on the most exotic approaches, such as foreign and domestic trusts, transmutation agreements, and limited liability companies. Indeed, they often overlook the fundamentals of asset protection, including exempt assets-those that cannot be seized by creditors because they are exempt under federal or state law. Any asset protection plan should begin with an inventory of the client's exempt assets, which should in turn lead to an inquiry whether the client's nonexempt assets can be converted into exempt assets.

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