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- Do You Need Asset Protection Planning?
- What Assets Can You Protect?
- Are My Retirement Assets Protected from Creditors?
- How Can You Protect Your Assets When Starting a Business?
- Partnerships and Trusts
- Fraudulent Transfers
Asset protection planning is the method of preparing for the possibility of future lawsuits by rearranging the ownership of assets so that they are beyond the reach of potential creditors. It can act as a form of supplementary insurance in an overall strategy to protect you from the risks associated with businesses and professions, however, insurance policies have limits and exclusions.
Policies may not pay a claim based upon the commission of an intentional act or one resulting in punitive damages.
The amount of the claim may exceed the policy limits.
Asset protection planning is used to protect assets that would otherwise be at risk. Asset protection planning can be done to differing degrees. In general, the more complex the planning, the more effective the protection. However, complex plans generally cost more and contain more restrictions.