Wednesday, January 23, 2013
Asset protection seminars could end up being a scam. Typically, in these seminars, the presenter will stir up fear about gold-diggers filing frivolous lawsuits to get your money. Then the presenter offers a solution that always leads to a family limited partnership or an asset protection trust in a favorable jurisdiction.
In reality though, asset protection is better dictated by each individual's objectives and circumstances. One key concern surrounding asset protection is implementation costs. A certain approach may provide you with a bullet-proof solution, but it could cost a large amount to implement. Insurance is one potential asset protection solution that is fairly low-cost for most of the population.
See Todd Ganos, Beware of Asset Protection Scams, Forbes, Jan. 20, 2013.