Building a successful estate, although it takes a lifetime of hard work, is only half the battle. Just as big a challenge, if not more so, is safeguarding your wealth from the host of threats that seek to rob you of your hard-earned financial security. No one is immune. Taxes, lawsuits, creditor actions, even divorces can shake the foundations of the most financially secure. In fact, anyone who has managed to accumulate assets, whether a home, business, rental property, investments, or other valuable property, can be subject to so called predator actions. The more wealth owned, the more enticing target you become to those eager to deprive you and your family of the fruits of your life’s work.
Although we all share the danger of being targeted by such predators, the risk is realistically greater for some than others. The most often targeted by lawsuits and creditor actions are usually involved in high risk professions. These include doctors, lawyers, accountants, business managers, financial advisors, engineers, architects, and other professional advisors. But also, clearly in predator sights are business owners, employers, landlords, and contractors, among others. Having substantial financial resources may be all it takes to put you on the wrong end of a lawsuit.
If such predators pose a threat to your financial security, it would be wise for you to explore the legal options that exist for you to protect your assets for yourself and your family. Such legal options to protect your estate fall under the category of asset protection planning.