Asset Protection Planning Advice

1. Begin Planning Before A Claim Occurs.
2. Not Planning Before A Claim Occurs Usually Makes Matters Worse.
3. Do Not Use Asset Protection Planning As A Substitute For Insurance.
4. Personal Assets Are For Trusts; Business Assets Are For Business Entities.
5. As The Client, Avoid Retaining Too Much Control.
6. Asset Protection Planning And Tax & Estate Planning Do Not Always Mix Well.
7. Do Not Put Too Much Faith in Off-Shore Accounts.
8. Do not Bet On Bankruptcy As Being A Last Resort.
9. Keep The Protection Plan Simple.
10. Presume Creditors Will Discover Your Protection Planning and Its Purpose.

See Jay Adkisson, Ten Rules For Asset Protection Planning, Forbes, Jul. 13, 2011.

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.