Unfortunately, California has earned a reputation as being one of the most litigious states all over the country. Another common issue that affects how many people engage in asset protection planning within the state is the fact that the divorce rate is over 60%.
Those individuals who are in high risk professions, of which there are many across California, could fall victim to predatory lawsuits. Lawyers and doctors are just two examples of careers that are often targeted because of the perception that the person owns a great deal of assets.
A solid asset protection planning strategy in California is essential for any resident who is looking to protect his or her wealth. Many of the structures in legally crafted asset protection plans are commonly used in the process of protecting your estate and your business as well. These can include corporations, limited liability companies, and trusts among other strategies.
When used appropriately, with the help of an experienced California asset protection planning lawyer, you can put together strategies and tools that are both legal and ethical to enhance your overall sense of asset protection planning.
Sitting down with a lawyer is the first step in determining the type of risks that you could potentially be exposed at this point in time and what tools could be used to help mitigate those risks.