Asset protection is the concept of, and strategies for, guarding one's wealth. It is taking legal actions to protect your assets from creditors. This may include lawsuits, judgments, divorce, and business disputes.
Protecting your assets means that you preserve them for both your personal use and for the use of your family in the future. There is no recipe that you would follow that could give you absolute protection over every asset that you possess. Instead, it means that you have worked with an asset protection attorney to design a strategy that would give as much protection as possible to your assets.
It is an unfortunate fact that today's society in which we live is a litigious one. You are never more than one mistake away from putting everything that you have worked for at risk in a lawsuit.
Asset protection planning is taking legal actions to protect your assets from creditors, this may include lawsuits, judgments, divorce, and business disputes. People and businesses use asset protection methods to limit creditors' access to certain valuable assets while operating within the bounds of debtor-creditor law.
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