Nov 1, 2006 12:00 PM, By Denis A. Kleinfeld, principal, Kleinfeld Global Services, St. Thomas, U.S. Virgin Islands

By: By Denis A. Kleinfeld, principal, Kleinfeld Global Services, St. Thomas, U.S. Virgin Islands

In The Curmudgeon's Guide To Practicing Law, author Mark Herrmann points out that “You cannot answer a legal question without knowing the context in which it is posed. You must therefore be sure to understand the context of all the work that you are doing.”¹

Clients use asset protection planning techniques to organize their affairs in the event that an adverse judgment might affect their financial assets. To assure the effectiveness of this planning, advisors must understand the circumstances in which creditors may successfully challenge such advice in courts. That means having a solid understanding of creditor/debtor law, the legal concept of contempt of court, and the defense of impossibility.

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