- The best time to create an asset protection plan is prior to having a claim made against your business; after that, it’s too late.
- Trying to put asset protection in place after a claim is made often makes things worse, not better.
- Asset protection planning should not be confused with insurance; it is not a substitute.
- Putting your personal assets into the business is not the way to protect them; you should instead create a trust.
- The purpose of good asset protection is to strike a good balance of control; you are not protected if you still have major control over assets.
- Asset protection planning should not be confused with estate planning; the goals of each may differ.
- Placing all of your assets into an offshore account is not always the best plan.
- Bankruptcy does not solve all problems.
- Asset protection planning should be kept simple.
- Plan with the assumption that creditors will discover your asset protection plan.
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The Parents Estate Planning Law Firm, PC
At The Parents Estate Planning Law Firm, we answer your questions at your convenience; we stay in frequent communication; and we meet to discuss changes in life circumstances and in the law to ensure that your assets are protected.
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