Asset Protection: What Assets Need Protecting?
For those of you who are considering putting together an asset protection plan, you may be wondering what assets need to be protected. The following is a list of the primary assets you should consider:
* Family home or condominium;
* Vacation or second homes;
* Rental property;
* Stocks and mutual funds;
* Life insurance;
* Bank accounts and CDs;
* Cars, boats, planes;
* Wave runners or motorcycles;
* Business entities (especially S- or C-corporation stock);
* Valuable collectible items;
* Other personal real property of financial value;
* Future inheritance for family; and
* Accounts receivable in a physician’s medical practice.
In general, asset protection is about erecting as many barriers as possible in front of creditors to hinder them from getting to these personal assets. Asset protection is not about hiding or concealing your assets or about committing fraud to conceal assets from creditors. What good asset protection does is discourage lawsuits to the point where, if you are sued, your attorney can bluntly state to a personal injury attorney your assets are legally protected and are completely out of reach.
If you would like more information regarding asset protection, trusts, family limited partnerships or the subject of this article please call or email our office.