Asset protection legally positions assets away from hard and out of reach of potential creditors. For some, domestic structures are enough. For others, an offshore trust may be the right tool. To some, ‘offshore’ may carry cause concern, but a key element of any well-designed asset protection strategy is safety and security.
While net worth is certainly a good reason to plan for asset protection, there are several additional considerations such as employment in a risk laden profession. If you are about to get married, have disabled family members, or value financial privacy, you should seriously consider an asset protection evaluation and plan.
As with many things in life, timing is everything. Asset protection is quite similar to insurance; you cannot buy insurance while the barn’s on fire. Similarly, it may be impossible to protect assets after you know (or even think you know) about financial trouble ahead. Delay in implementing a plan may be very costly.
If you are unsure if asset protection is right for you, Aiken Schenk can help. Attorney Philip Rupprecht has tailor made asset protection plans for developers, investors, lawyers, medical professionals, business owners, athletes and many others.
Learn more about Aiken Schenk’s asset protection services here.
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