Asset protection involves strategies to guard one's wealth from creditors, lawsuits, or other risks. This can include creating trusts, setting up limited liability companies (LLCs), and other legal tools. Specialists might focus on estate planning, tax planning, or risk management. Common clients for asset protection are high-net-worth individuals, business owners, and professionals at high risk of being sued, such as doctors or real estate investors.
Business owners may seek asset protection to safeguard their personal wealth from business liabilities. Professionals might need to protect their assets from potential malpractice claims. Clients look to asset protection lawyers to design strategies that minimize their risk exposure and ensure that their wealth is preserved for future generations..