Many people are concerned about protecting their assets and/or their assets seized by creditors. Asset protection requires planning ahead and such planning will protect you from future potential claims.
There is an array of asset protection techniques: state and federal exemption statutes, various types of insurance, business entities, gift-giving (including gifts to irrevocable trusts), domestic self-settled spendthrift trusts, and foreign (offshore) spendthrift trusts provide varying levels of protection. In this area of the law, control and flexibility diminish and costs increase as the level of creditor- protection increases. Therefore, asset-protection planning starts with the process of finding the level of asset protection that provides an acceptable combination of affordability, flexibility, and effectiveness.