Asset protection planning is an important process that allows you to take all of your chips off the table while you are still in good times so that you are eligible to walk away from the table a winner, no matter what happens in less good times.
Those individuals who worry the most about asset protection should be those who are most concerned about getting sued. Doctors and others with a high perceived value of wealth are at the most risk of being pursued because creditors believe that they have assets to attack. Bear in mind that asset protection planning should be approached comprehensively with the assistance of a knowledgeable asset protection planning attorney.
Asset protection planning in and of itself is not a complete replacement for insurance. It is a myth that asset protection plans will totally scare away plaintiffs. An asset protection plan also doesn’t cover your legal fees in the event that you do need to defend against a lawsuit. Insurance can assist to supplement your current asset protection planning goals and it can help you survive an allegation of fraudulent transfer.
In the event that you do become sued, the insurance company may pay to defend this and settle this since this is what you are paying premiums to have covered in the first place. To learn more about asset protection planning and how you can guard against problems in the future by taking action now, consult with an experienced New Jersey asset protection planning lawyer.