ASSET PROTECTION
What is the purpose of asset protection?
Protecting your assets means that you preserve them for both your personal use and for the use of your family in later generations. Asset protection is an overall strategy recommended by the attorney to give you the most possible protection of your assets from potential creditors or other unintended recipients. Asset protection steps are done within the confines of the law and offer you the opportunity to mitigate future claims against your assets.
What assets should I be protecting?
After a lifetime of work, you will hopefully have a number of different assets and properties that you will want to keep safe from creditors. In order to devise the strongest possible asset protection strategy, it is helpful to know ahead of time exactly what it is you want to protect. Then, working with an attorney, you will want to figure out which of these assets are already protected by law and which assets you will need to take additional steps to protect.