Protecting your assets during your lifetime is an important part of any estate plan I prepare. Incorporating asset protection planning into your estate plan allows you to grow your assets strategically without having to worry about losses through lawsuits and life’s uncertainties.
The uncertainties resulting from running a business, practicing a profession with high liability (ex. lawyer, doctor, dentist etc.) or being an entrepreneur or property owner expose your assets to liability on a daily basis. Increasingly people are turning to asset protection to protect their hard earned money from the threat of litigation, increasingly large jury verdicts, the unavailability of affordable insurance coverage, and the trend in increasing in the volume of litigation. Some of the tools commonly used for asset protection include:
Domestic Asset Protection Trusts
Strategic allocation of risk and assets using business entities