Anyone whom has created personal wealth has not done so without creating significant personal liability. Asset Protection is the means by which individuals protect what they have accumulated from our litigious society to ensure the economic well-being for themselves and their family. Asset Protection, in essence, is Estate Planning taken to the next level.
Typically, a client's motives for Asset Protection arise earlier in life than Estate Planning considerations, but both are aspects of protecting one's estate and tax savings are major factors in asset protection. If properly implemented, Asset Protection protects clients from current or potential creditors and claimants; this is particularly important in a recessionary period or a down-turn in the economy. However, Asset Protection, is not limited to hard times. With spiraling malpractice awards against many professionals, Physicians, Attorneys and Accountants are utilizing Asset Protection techniques to preserve their wealth. Business Owners are prime candidates for asset protection because they can be sued by employees, customers, or even the government! There is the potential for not only compensatory damages but punitive damages as well.