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Are there ways to protect my assets other than using a trust?

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Are there ways to protect my assets other than using a trust?

Question: Are there ways to protect my assets other than using a trust?

Answer: There are other ways to protect your assets other than using an asset protection trust. First and foremost you should consider the use of insurance; whether it’s liability insurance for a professional, it could be an umbrella policy that protects you if you have a car accident or if you slip and fall at your house. Insurance is kind of a level 1 defense in protecting your assets. Another strategy that is used, I actually used it myself when I was a partner of a big CPA firm, in which I had all of my assets in the name of my spouse, so that if they sued me the assets were protected, so that if I had a lawsuit against me, I really didn’t have any assets.


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