As an asset protection attorney, I use strategies that may encompass many fields of law, including estate planning, real estate, debtor-creditor, bankruptcy, and business law. The key to successful asset protection is to make your plans NOW. Once you get sued or file for bankruptcy, it’s too late. You have to start planning before a claim arises.
It is also crucial to understand that estate planning and asset protection planning are often at odds with each other. What might be a good idea for estate planning could be terrible for asset protection. You need a lawyer with extensive experience in both areas in order to ensure that your estate and asset protection plans coordinate and supplement each other.
Many of my clients are “high-value” targets for lawsuits, especially physicians. Click Here to see some of my recent blog posts concerning asset protection strategies for doctors. Efforts to reinstate Missouri’s cap on noneconomic damages in medical malpractice lawsuits have gone nowhere in the state legislature, making this an especially perilous time for doctors. Again, it is imperative that your estate and asset protection plans work together toward the same goal: protecting your wealth for you and your family.
Finally, and possibly the most important point, is that an asset protection plan must be straightforward and understandable. All the best planning in the world is useless if the plan is too complicated and cannot be implemented with relative ease.