It is important for an attorney to counsel a client about the transfer of assets leading up to bankruptcy. A client needs to understand the sooner an attorney knows about a transfer the less likely it will cause harm to the client.
It is important to understand the exemptions allowed to be taken under state law. These exemptions can help save a client a lot of money and transferring assets according to state laws regarding exempting property is never a fraudulent transfer.
When looking at the statute itself, M.S.A §513.44 and §513.45 are the specific sections for finding a debtor to have committed a fraudulent transfer, with the latter dealing with transfers to creditors. M.S.A. §513.47 cites the relevant remedies available, while M.S.A. §513.48 states the defenses available to transferees. The remaining sections of the Act deal with defining terms.