The 7 Levels of Asset Protection for Business Owners - Part 1

What is “Asset Protection?”

The best way to answer this inquiry is to explain what asset protection isn’t. Asset protection is not hiding or concealing assets.

Asset protection is using the existing laws the way in which they were intended to discourage frivolous lawsuits and protect assets from lawsuits.

Do I have to give away or lose control of my assets to protect them?

No. Many asset protection strategies do not require the loss of control, and are in fact an extension of an existing estate plan.

What types of risks exist?

  • Personal malpractice
  • Malpractice of a partner
  • Business liabilities – e.g. employment discrimination, harassment suits
  • Personal liabilities – e.g. business deals, auto accidents
  • Estate risks – e.g. income and estate taxes, re-marriage of partner, children’s spouses

When should I plan for these risks?

The short answer is always before a claim arises. Once a claim arises the options become far more limited, and in many cases far less effective.

Stay tuned for our next installment, which will outline the 7 levels of asset protection.

If you have questions about asset protection planning, feel free to contact our Firm at 203-651-5521, or visit our website to learn more about our Firm by clicking here