What Is Asset Protection

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Even people without tremendous assets should consider an asset protection strategy in order to safeguard their financial positions against outside forces. Asset protection is the general term applied to a situation where a person transfers assets from an unprotected form, such as cash held in a bank account, to a protected form, such as property held by a trust. Pursuing an asset protection strategy is especially important for individuals who start businesses. When used properly, these individuals' personal assets are shielded against any creditor claims and lawsuits made against their business. While some asset protection strategies are fine, some methods are actually illegal, so it's important to seek the advice of an attorney, tax professional, or CPA to set up your own plan.

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