Asset protection refers to action you take to keep your assets from being seized by creditors, including divorcing spouses. With about 15 million lawsuits being filed each year, asset protection is appropriate for everyone.

The specific methods of asset protection that are appropriate depend upon your personal situation. Always consult with a qualified estate planning attorney, regarding your individual situation.

You May Not Have Thought of These 14 Methods of Asset Protection

You’ve likely heard of offshore trusts, but what about:

Umbrella Liability Insurance (i.e. Personal Catastrophic Insurance)
Long Term Care Insurance
Property and Casualty Insurances
Malpractice Insurance
Disability Insurance
Lifetime Trusts
Spousal Trusts
Children/Grandchildrens Trusts
AB Trusts
Irrevocable Trusts
Family Limited Partnerships
Limited Liability Companies
Self-Settled Trusts Sited in Other States (i.e. Nevada, Utah, and Alaska)
Prenuptial or Postnuptial Agreement

Examples of Creditors Who May Attempt to Seize Your Assets

Divorcing Spouse
Your Beneficiaries Divorcing Spouses
Mortgage Lender
Individual Injured in Car Accident or Slip and Fall
Family of Individual Killed in Car Accident or Malpractice Incident
Malpractice Claimant
Bankruptcy Trustee
Credit Card Company
Former Business Partner
Disgruntled Heir
Nursing Home

This article is meant to raise a red flag and draw your attention to the fact that you need asset protection. You and your estate planning attorney can best measure your exposure to risk as well as which methods of asset protection are best for your specific situation.