The term "Property"" includes everything you can possibly own. You or your assets have the potential to harm someone or something in some way, either actively or passively. Consequently, if that happens, you're probably on the hook unless you planned ahead. Forming a business entity, such as a corporation, does limit your personal liability in some ways, but leaves you extremely vulnerable in other ways. Fortunately, you can protect yourself, your family, your business and your assets. Asset protection planning involves taking advantage of debtor friendly laws, especially in Florida, in order to minimize your exposure to personal liability. I'm talking about maximizing your use of assets that are deemed "off limits" to creditors. It also includes covering all your bases such that you and your properties are both isolated and insulated from each other. An effective plan also requires using the combination of several business entities and trusts. I'm pleased to share with you that asset protection is NOT necessary for everyone. But if you're serious about protecting your assets, you need an asset protection plan. Asset protection is relevant to estate planning because they overlap significantly. An effective plan will have your estate plan built-in so your business and estate transitions smoothly to subsequent generations.
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