Asset protection planning is like insurance. You can structure your affairs so that many of your assets are much more difficult to reach by potential creditors. Most asset protection planning involves the use of business structures as discussed under setting up a business above.
Asset protection planning can range from the simple, such as determining which spouse is most at risk and having the less risky spouse own the assets, to complex offshore trusts. Any planning should always be weighed against complexity and cost, in conjuction with a review of other options for dealing with risk such as insurance. Life always has risk and we all live with risk; the question is how much risk we are willing to have given our own circumstances.
Some individuals may be more exposed to risks than others such as doctors, accountants, contractors, or other business owners. These individuals are more likely to need and be willing to live with the complexity of asset protection planning.
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