Asset Protection Planning
Asset protection planning is a smart and responsible way to prepare for unforeseen risks in your financial life. Advance planning provides you the comfort that a lifetime of hard work will not be erased in an instant.
Professionals and other clients with significant assets often find themselves the target of frivolous lawsuits. The news is filed with abusive plaintiffs who believe every slight is a pathway to riches, and jury verdicts are getting larger and larger. Intelligent planning minimizes losses in such a scenario and can dissuade these types of plaintiffs from targeting you.
To be effective, your planning should be completed as early as possible. All too often a person starts thinking about asset protection only after a financial storm has hit and by then it is too late. Starting during the storm only means that the diligent creditor will be able to undue all of your planning. Begin your planning before a single dark cloud is on the horizon.
When preparing to protect your assets you want to make sure you are using professionals who are up to date with the most current law. You also want to make sure they are using the best tools available to help you and that they know the common pitfalls arising in asset protection planning.