We live in a highly litigious society. People today file lawsuits over just about anything, and you never really know what a jury might decide, regardless of how frivolous the lawsuit may appear. Wealthy individuals and families are particularly vulnerable to attack, especially those involved in business, real estate, medicine and the law.

An asset protection plan should help you accomplish two primary goals: protect you and your spouse from predators looking to make a claim on your assets while you are alive, and protect your children’s inheritance against creditors and predators after you are gone. The latter can involve such issues as ensuring your child’s inheritance is safe should he or she get divorced. Similarly, your grandchildren may need protection to ensure they receive their inheritances if your child dies and your son-in-law or daughter-in-law remarries. Your children may even need protection from their own decisions if they are not ready or able to handle a large inheritance.