What is asset protection planning?
To begin asset protection, you must first understand what asset protection planning is. Asset protection planning involves figuring out where and what your assets are and setting up legal channels that will help you protect your assets from the claims of present and future creditors. So what exactly does that mean? Let’s say party A were going to sue you because they slipped on your sidewalk. If you had your assets out there for everyone to see, they might be more inclined to try to take you for a ride. However, if your assets were hidden and you practiced good asset protection, it might be impossible for them to grab a hold of those assets or collect against any potential judgment. This would significantly deter them from trying to get more from you than they deserved, or anything at all.
