Statistically, we all know that the number of divorces, lawsuits, and bankruptcies is staggering. We never plan for these life-changing events but your assets should be protected with proper risk management strategies. These strategies should include exempting your assets from the claims of creditors, limiting your liability through legal entities, and transferring your risk through insurance. Asset protection planning involves making prudent decisions now to protect yourself, your business, and your hard-earned assets from loss due to lawsuits, creditors or bankruptcies. This type of legal planning is important for professionals and business owners, whose personal assets could be at risk due to the nature of their employment.
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