Asset protection is the process by which both business and personal assets are organized so that they are protected from future creditors. This both shields your assets and discourages creditors from pursuing judgments against you.
Asset protection, while valuable to everyone, is most necessary for certain types of individuals.
• Business owners;
• People who are facing difficulties such as divorce or medical issues in the near future;
• People who are employed in industries that have a high rate of litigation such as medicine or pharmaceuticals; and
• Wealthy individuals
Everyone should engage in some degree of asset planning to the best of their ability. Even if you do not fit into one of these categories you should make sure to protect yourself and your property from unforeseen events.