It’s a litigious world. It seems like you can get sued for anything these days.
When you’ve worked your whole life to build up your asset base, those odds probably don’t look very good.
I always recommend a three-layered approach to protection against lawsuits:
1) good business practices (so you minimize the chances of getting sued in the first place);
2) sufficient insurance (to protect against all of your risks; and
3) the right business entity (to protect you with the Corporate Shield).
Sometimes though, if you have a particularly large asset base, or just feel like you are an above-average liability risk (like in the medical field for example) you might want to consider trust planning.
Good asset protection trusts can literally stash your assets away so securely that it’s hard for creditors to even find them, not to mention access them. Asset protection trusts can also make sure that your young children, or adult children with special needs, can have family assets transferred to them without the risk of interception by creditors.
Want to protect your assets with some good trust planning? Contact me today!