Asset protection involves implementing strategic measures to safeguard one’s wealth and possessions from potential risks and legal liabilities. This proactive approach aims to shield assets from unforeseen circumstances, such as lawsuits, bankruptcy, or creditor claims. Common strategies for asset protection include the establishment of legal entities like trusts and limited liability companies, diversification of investments, and insurance coverage. By taking steps to protect assets, individuals and businesses can mitigate financial risks and ensure the preservation of wealth for themselves and future generations.
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