The Dow Jones industrial average fell 324 points last Friday, its second worst slide of the year. The drop pushed the stock market back into a "correction" -- meaning a decline of at least 10% from its recent high.
While I remain optimistic about the economic future of our country, we obviously face great challenges in the coming years. Stock market volatility is here to stay. General economic conditions remain uncertain; and competition from abroad will be a constant challenge. So it remains critical to examine your assets from time to time (business and personal) and consider how well they are protected from creditors.
If you are a resident of Florida and own a home in Florida, and most of your assets are in IRA's and qualified plans, you have little to be worried about from an asset protection standpoint. On the other hand, if you live in Northeast Ohio and a significant portion of your assets are invested in a family business, it is vitally important that you consider how well your assets are protected from creditors.
Many people focus on asset protection after some economic disaster strikes them. By that time it is often too late. The time to focus on protecting your assets is now -- before you have any creditor problems.