Attorney Jeffrey P. Coleman answers describes who needs asset protection and how it is especially important for business owners.
Asset protection planning is important for people who have assets, real property, and businesses. Business owners can particularly benefit from the process of asset protection. A business can have very large potential liabilities and good planning helps keep those liabilities in that business. There are also aspects of property ownership that need asset protection. Asset protection looks at such issue as insurance liability coverage as well. There are also means of separating ownership in two different compartments, so that the risks associated with that particular asset are only exposed to the liabilities of owning that particular asset.