The best asset protection strategies are customized to the particular client. Although there are effective strategies to preserve and shield assets from potential creditors that fit many people’s circumstances, there is no one size fits all strategy for many reasons.
Liability risks will differ significantly between persons and businesses. For example, the type and size of liability risks of a medical practice are significantly different from that of a restaurant. Similarly, employees have very different liability exposures than self-employed persons.
Also, the probability of underlying liability risks are different in each case. For example, the likelihood of harm from a malfunctioning spoon can be perceived as lower than that of a toaster. So the asset protection strategy toaster maker and the spoon maker a going to be different, one strategy may be more aggressive in prevention and building strong capital reserve measures than the other.
Finally, some asset protection strategies may require activities or behaviors that are undesirable or unavailable in a particular circumstance. When a business is just starting, it may be very difficult to use the best asset protection strategy because of a lack of capital. In such circumstances, asset protection will require the use of alternate strategies until the Company reserves mature to afford the best protection strategy.
Our firm understands business and people, and we provide customized perspective, counsel, and strategies to help businesses and families protect their assets and prosper.