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Create asset protection plan to protect wealth
The simplest way to cope with risk is to shift the risk to an insurance company. This should be your first line of defense. Before you do anything else, review your existing coverage.
Q. Could you give an overview of what might be done legally to protect my assets from lawsuits? I feel vulnerable not only to losing what I have accumulated, but I am afraid to have a lien against assets not yet earned.
How can you avoid running afoul of the fraudulent transfer laws?
Where the dangers lie
Unexpected liability can come from just about anywhere:
There are three basic asset protection techniques: insurance, statutory protection, and asset placement. None of these techniques is a complete solution by itself, but may make sense as one limited component of an asset protection plan.
Insurance
The simplest way to cope with risk is to shift the risk to an insurance company. This should be your first line of defense. Before you do anything else, review your existing coverage. Then consider purchasing or increasing coverage on your insurance policies as appropriate. You should be adequately insured against:
