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Top 10 Asset Protection Planning Tips

Over the past several decades, expanding theories of liability and the great proliferation of litigation have given increased emphasis to asset protection planning. Potential liability is now a major concern for doctors, lawyers, other professionals, real estate investors, business owners and persons of high net worth in general.

What this means is that if you have assets and you don’t plan and set up a structure to protect them, then all of the hard work and effort you put into creating the assets may be wasted. Here are our Top 10 asset protection planning tips:

  1. Plan for a claim before one happens; once a claim arises, you can’t go back to put asset protections in place.
  2. Planning after a claim arises usually gets you in deeper trouble instead of helping to bail you out.
  3. Don’t confuse asset protection planning with insurance; one is not a substitute for the other.
  4. You cannot protect personal assets by putting them into your business; establish a trust instead.
  5. Proper asset protection strives for a balance of control; too much control still in your hands does not protect you.
  6. Asset protection planning and estate planning don’t always mix.
  7. Don’t put all your asset protection eggs in an offshore basket.
  8. Don’t think bankruptcy will solve all your problems.
  9. Keep your asset protection planning simple.
  10. Assume that your creditors will find out about your asset protection plan and its purpose.

In view of the onslaught of litigation and risks involved in general and real estate investments, it is absolutely essential to properly plan and prepare an asset protection structure in advance. Not only should asset protection be devised and strategized, it also needs to be properly implemented with the help of a skilled and experienced Florida asset protection attorney.

The Dorcey Law Firm, PLC, focuses on estate planning and asset protection for Florida residents. Contact our Fort Myers law firm for your free consultation.

Categories: Asset Protection
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169