Friday, April 02, 2010

Holding on to Your Hard Earned Assets

A request that is being made more and more often is how do I protect my assets in this litigious society. Over the next few days I will addess that question.

The goal of asset protection is to make if increasingly difficult for a creditor or litigator take your assets. Some of the tools available are:

1.     Insurance

2.     Incorporating Your Business

3.     Moving assets into a Family Limited Partnership

4.     Moving assets into a Limited Liabilit Company

5.     Domestic Self Settled Asset Protection Trust

6.     Off Shore Self Settled Asset Protection Trust

Each of these tools give different amounts of protection and the cost to set each up increases as you obtain more protection. Over the next few posts I will describe the differences between each tool and the additional protection obtained.

Larry