Asset protection, in its simplest form, is planning for the worst case scenario. It is the creation of a legally sound, financial plan that is intended to protect your wealth, property, and other assets from the possibility of future creditors, divorce, lawsuits or judgments.
An asset protection attorney can help you create a thorough, legal, and sound plan; thus, protecting yourself, your family, and your business from future issues. Asset protection is not just for the wealthy or those in risky businesses; in fact, it is beneficial to almost any family in any business. Risk can result from variety of sources; including, but not limited to, car accidents, credit card debt, foreclosures, unhappy customers, and more. Loses or lawsuits in these situations can cripple finances; often resulting in bankruptcy.
Ideally you will put together an asset protection plan before a situation or lawsuit arises. There are ways to protect yourself after someone sues but the law limits your options. It is best to plan ahead!