ASSET PROTECTION

When considering asset protection, you need to determine what assets you want to protect, and from whom those assets should be protected. Are you concerned about lawsuits or claims against your business? Are you trying to protect your children from potential divorce or bankruptcy in the future? Whatever your concern, it is important to include asset protection as part of your integrated estate plan. Decisions you make today can protect your hard-earned assets in the future. 

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Exempt Assets

State and federal laws exempt some of your assets such as IRAs and life insurance from creditor claims. Learn what assets are exempt; then look into converting non-exempt assets into exempt assets.

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Limit Liability

Operating a business as a sole proprietorship doesn't protect the owner's personal assets should the business be sued. Consider a legal entity to minimize risk and protect assets. And review your liability insurance.

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Transfer Risk

Self-settled asset protection trusts can also be an excellent way to protect your assets. And Tennessee is one of the few states known for having legislation that favors these trusts.