Financial disaster can stem from personal setbacks like divorce, business disputes, litigation, and numerous other causes. But the last few months of 2012 remind us that sudden, unexpected financial catastrophes can also come from other sources - - like natural disasters and general economic conditions.
Simply re-titling assets between spouses (and possibly other family members); family LLCs; and various trust arrangements are just a few of the possible strategies that could better protect your assets. There is no “magic bullet.” Each situation has to be analyzed on its own. But one thing is clear: asset protection planning (just like estate planning) is best done before disaster strikes.