Asset protection planning is an important step in the estate planning process, regardless of age, health, and wealth. This is because proper asset protection strategies can help ensure your surviving family and friends will have access to the financial support they may need while minimizing the potential stress and problems that may arise after you pass. Asset protection planning can also protect you and your assets while you are alive. Asset protection serves as a barrier between you and your creditors if you are getting sued or are going through a divorce.
For business owners, asset protection planning is particularly important given today’s litigious society. As you accumulate wealth and assets, you become the target of creditors and predators.
There are many different techniques that can be used to protect different types of assets. All asset protection techniques have one thing in common: They each make it more difficult for a creditor to find or take assets. Asset protection strategies include the use of business entities, trusts, and partnerships to protect your assets in the event of a lawsuit. A proper asset protection plan complements your insurance to more effectively satisfy creditors.
At Kierman Law, PLLC, we work hard to understand each client’s individual concerns and goals. Contact us to begin working on the best asset protection planning strategies for your life and your family.
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