Asset protection planning is a method of arranging access, control, management and ownership of assets to preserve value for an individual, family or business because of the risk of potential claims by creditors. The strategies a person utilizes in arranging a wealth protection plan will depend on residence, desired mobility, investment objectives, tax and estate planning, necessity of access to wealth and present circumstance.

There are numerous reasons why an individual or business should develop a sound wealth protection plan, including, but not limited to:

• We live in one of the most litigious societies in the world.  The contingency fee in our legal system promotes litigation.
• Many individual’s work in a high risk profession such as physicians, real estate investors and developers, engineers and lawyers.
• Wealth creates a target.
• Personal security and mobility protection.
• Numerous family issues, such as divorce and alcohol and drug addiction, create a need for family wealth protection planning.
• The personal life of an individual may create a need to develop a wealth protection plan.
• The unknown, that is, each year a number of cases percolate through our legal system creating new theories of liability for potential plaintiffs.

Related articles: