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A recent NY Times article, Safeguarding Your Assets Against the Hazards of a Lawsuit, states,
“Asset protection is something that people with a nice home and a couple of cars should consider, particularly if they can imagine being sued. Certain professionals who are well off but far from rich, like lawyers, architects and doctors, are at a higher risk of being sued. And naturally, children who inherit money from parents or grandparents can become targets for lawsuits and higher divorce payouts.”
It is not only the super rich who consider asset protection to guard their wealth. Doctors, lawyers, and small business owners who are at risk of lawsuits should also consider asset protection.
Insurance and retirement plans are one way to protect against creditors.
OJ Simpson for instance was able to maintain his life style after losing the civil lawsuit to the Goldmans because his NFL pension plan is protected from creditors.
Most business owners and individuals do not realize the benefits of funding their pension plans to minimize their income tax liability, secure their future and most importantly protecting their assets from creditors and lawsuits.
The article above goes on to say that, “many asset protection strategies fail (because) they are created at the moment someone is being sued or fears a lawsuit is coming. Done that way, they run the risk of being considered a fraudulent transfer and disallowed.”
Bottom line – Do not wait until it is too late to make your asset protection plans, start today and secure your financial future.