What Are the Basics of Asset Protection Planning?

Asset protection planning is an important aspect of estate planning that must be considered by everyone.

Asset protection planning refers to proactive legal steps to protect your assets from divorce, judgments, lawsuits, future creditors or expensive long-term care costs. This involves a series of legal techniques that can be effective at deterring a lawsuit as well as protecting those assets if a lawsuit arises.

A legal and professional examination of your risk factors as well as your assets can help initiate the asset protection planning process. When done correctly, asset protection planning can prevent the seizure of your assets in the event of a judgement and empower you with settlement negotiation power.

There are many different legal techniques that can be implemented to provide a range of protective features. These can include anything from financial privacy all the way through asset protection tactics that can shield your assets.

Your individual asset protection planning process is tailored to your comfort level, the risk factors you face, and your individual assets. Asset protection planning should always take place before the need for it arises.

While there are minimal steps you can take to protect your assets from being seized or targeted after a lawsuit has been filed, asset protection planning should be implemented well in advance to give you the most appropriate steps to take. Scheduling a consultation with one of our experienced estate planning lawyers is the first step in protecting your needs.