Why is planning advance so important and what are fraudulent conveyances?

Think of asset protection planning like buying car insurance.  If you haven’t bought insurance yet and you wreck your car, you’re out of luck.  You can’t buy insurance after the fact.  Similarly, if you attempt asset protection planning after a known event, it’s highly likely that a court of law is going to consider this a fraudulent conveyance that was undertaken in contemplation of a lawsuit.