- Asset protection in estate planning
Protecting your hard-earned assets from potential creditors, whether those assets are personal or business-related, requires advance planning. You may want to start by filing a Declaration of Homestead and purchasing or increasing umbrella coverage on your homeowners policy to protect your home. To protect your business, consider purchasing or increasing liability coverage and possibly using a corporation, limited partnership, or limited liability company to operate the business. A trust can also be a valuable tool for protecting assets, as long as it's irrevocable.