Asset Protection - Beyond Just Trusts
By Jeremiah Barlow, JD
Expanding theories of liability and rising threats of litigation make asset protection more valuable and more demanded than ever. Today’s victim-oriented climate fuels plaintiff attorneys' hunger for deeper pockets, and increased media exposure elevates client concern regarding anonymity. Powerful asset protection tools provide an additional layer of protection and safeguard privacy. Some asset protection tools come with a higher price tag. Such tools may be suitable only for a certain subset of clients such as those in highly litigious careers (e.g., doctors, lawyers, architects) and business owners who assume risk and threat of malpractice. By the same token, greater asset protection remains salient for individuals with litigious threat, such as potential recipients of a substantial inheritance; individuals who deal with investors; owners of boats, airplanes, and other extreme vehicles; real estate owners; celebrities; high net worth and high visibility individuals; wealthy spouses in second marriages; and parents of teen drivers.
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