We’ve talked about asset protection planning a fair amount on this blog, but that’s because it carries a message worth repeating: you’ve worked hard to build your wealth and it’s equally imporant to protect it as much as possible. This type of advanced planning is becoming more and more appreciated by the ultra-wealthy, who see it as a critical strategy for protecting assets during their lifetime and structuring a plan for when they pass away, too.
One of the reasons for the increased attention to this issue has to do with structure. Our society is litigation-driven, unfortunately. This idea that someone is always to blame for an accident or incident means that individuals face a higher risk of being sued by someone, and being perceived as wealthy only ups this risk.
And the costs associated with a lawsuit extend far beyond attorney’s fees and the expense of a lost suit. It’s about the emotional drain from protracted litigation, too. Extended litigation can be extremely draining for a defendant, particularly when there are no foundations to the allegations. A strong asset protection plan can be essential for not only handling lawsuits when they arise, but also for detracting would-be litigants from filing a suit in the first place.
Talk with your attorney about the various strategies that can be used to protect your assets. Set up your meeting today at firstname.lastname@example.org.