What is Asset Protection, and Why Might You Need it?

When the estate planning lawyers talk about asset protection, they are talking about tools and strategies that can help you keep as much of your money as possible in the face of those who are seeking to take it. Essentially, in one context, this means protecting your assets from anyone who wants to file a lawsuit against you. Asset protection and estate planning go hand-in-hand because they both focus on what you own, and what you want to happen to it in the future. Though there are many estate planning options available, you and your attorney will have to discuss your situation to come to a determination on what specific tools you will need to use. In the meantime, there are several ways to determine if asset protection is likely something you will need to include in your estate plan. Do you have a lot of wealth? If you have a lot of valuable assets or are financially well-off, asset protection is a very good idea. People with a lot of money are more likely to face lawsuits than tho


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