Asset protection is a term that is thrown around quite a lot in planning circles, and depending on who you talk to, the definition in use could be different. In general, however, there are two stages to asset protection. In the first stage, you evaluate all of the possible scenarios under which risks may expose an individual or a business to financial jeopardy.
These risks can come from multiple different directions, but all of them can be very damaging. A divorce or an argument within a partnership can both be frustrating and unfortunate, but they can generate vastly different outcomes. Although it’s not always easy to plan for these situations, it’s at minimum a valuable exercise to determine where there is room for better asset protection planning.
Some attorneys choose to focus on asset protection, recognizing the amount of work that goes into building wealth. Exposing that wealth to risks can be devastating, which is why it’s recommended that individuals and business owners consider asset protection very carefully. If you need help determining where you could be facing risks, contact an asset protection attorney today.