Asset Protection Planning — Protect Your Assets From Bankruptcy
Asset Protection Planning — Protect Your Assets From Bankruptcy Asset protection planning is closely related to financial planning Using an asset protection plan is a good way to protect your assets from creditors. This is especially important if you are a business owner or if you have a personal asset that you would prefer not to lose. This is not something to put off until the last minute. A proper asset protection plan will protect you from a potential lawsuit. A good plan will also provide a sense of control over your assets A revocable trust is a good example of an asset protection tool that allows you to direct the distribution of your estate upon your death. Similarly, a durable power of attorney can be a useful way to appoint an agent in the event that you become incapacitated.5820. A good asset protection plan will protect your assets from taxes as well as from lawsuits. There are many ways to accomplish this. One strategy is to form a limited liability compa...