Integration of asset protection planning in your estate plan can benefit your family for generations. Organizing assets and affairs in advance so as to safeguard them from loss or dissipation can be achieved through various planning techniques.
Asset protection planning recognizes the fact that preservation and protection of a client’s estate during his life is at least as important (and in the view of many, more important) than preserving and protecting it after death.
The financial uncertainties stemming from engaging in business or a profession or being an entrepreneur or property owner and economic and social factors have caused many successful people to adopt strategies to safeguard their accumulated wealth. A number of factors have contributed to the growing interest in and recognition of the asset protection component of the overall estate plan. These factors include: expanding theories of legal liability, threat of litigation, result-oriented judges and juries, the unavailability of affordable, adequate or appropriate insurance coverage, and the continuing national increase in the volume of litigation. Of course, other reasons may serve as motivating factors to persons of means who reside in (or who have assets) in other jurisdictions.