Asset Protection is something people do every day, without thinking about it. Car insurance, fire insurance, health insurance – these are all limited ways to protect your assets. These products are designed to protect your family against financial ruin should economic disaster strike. However, the amount that they will protect is limited to the value of the policies. Another way to protect your assets is to insulate, or shield, your assets from potential creditors. This is most easily done with specifically designed Asset Protection Trusts.
A properly designed Asset Protection Trust will keep you in control of your assets, but will shield them from potential lawsuits, creditors and even nursing homes or Medicaid. Only by taking the time before this issue strikes can you be sure that there will be something to leave behind for your loved ones. By taking steps to protect your assets now, you are also starting the estate planning process.