Nov 1, 2006 12:00 PM, By Gideon Rothschild and Daniel S. Rubin, partners, Moses & Singer LLP, New York

By: By Gideon Rothschild and Daniel S. Rubin, partners, Moses & Singer LLP, New York

In recent years, asset protection planning has won its rightful place as a legitimate specialty, aimed at curtailing the reach of potential, future creditors. Of course, there are still those who believe that it's wrong to ensure against the unknowable and unforeseeable possibility of a future claim. And surely these naysayers are heartened by the U.S. Court of Appeals for the Ninth Circuit's recent decision in United States v. Townley¹ — as this ruling might be read for the proposition that planning can never be done, even if solely for protection against potential future creditors.

Fortunately, Townley is much more of an aberration than a restatement of the law in this area.

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