Asset Protection Planning

In the past, planning to protect assets from the claims of creditors was reserved for high- risk professionals such as doctors and architects, and asset protection involved transferring assets to a spouse. Now, because of dramatic increases in litigation and damages awarded by juries against individuals from all walks of life, there is a greater need for asset protection planning that can protect your assets and reduce your risk. 

Asset protection planning protects assets that may be at risk of potential lawsuits and claims of creditors. Asset protection planning may be used to create entities to which assets are transferred in order to keep those assets protected from creditors. 

FAQ

How do I know if I need an asset protection plan?

If you have assets that can be taken away by creditors or by people who have successfully sued you, you could benefit from asset protection planning. There are many professions that are more high risk than others, such as doctors or professional drivers. If a doctor is successfully sued for malpractice or a professional driver is successfully sued for injuries sustained in an accident he or she caused, they could lose everything.  Asset protection planning allows a person to hold assets in a way that makes it impossible, or extremely difficult, for someone to take away.