The term "asset protection planning" is often used to describe the variety of planning steps that can be taken to protect assets from the claims of creditors. This type of planning ranges from having adequate liability insurance to the funding of an asset protection trust. Asset protection planning does not involve hiding assets, implied agreements between family members or fraudulent transfers. Rather, asset protection planning consists of the use of deliberate and legitimate planning techniques that insulate assets from the claims of creditors.
Basics Asset Protection Planning
When most clients hear the term "asset protection planning," thoughts of foreign trusts and exotic, surreptitious techniques come to mind. In reality, the basic steps of asset protection planning are undertaken every day by most people.
