As is true of any kind of estate planning, Asset Protection Planning must be done cautiously and only with good legal counseling and advice. So often people think that a document-trust, partnership agreement, etc.-is going to provide them certain benefits like asset protection. But accomplishing any worthwhile goals is a much more complex problem than preparing a document. In our experience, the majority of plans fail to achieve their goals unless the client has a comfortable working relationship with legal counsel.
There are six general levels of asset protection, any of which must be implemented, for practical purposes, before there is any threat on the horizon, that is, before any liability-creating event (accident, professional error, injury, etc.) occurs. As you consider options that might be appropriate for you, thoughtfully look very long term because when asset protection strategies are implemented you set property ownership issues in motion which cannot be easily changed, if at all.