Planning for Life: Asset Protection As the number of divorces, lawsuits, and bankruptcies increase, the risks posed by each threaten to take your hard-earned assets! Asset protection planning involves managing your risks and the risks of your loved ones while remaining in control of your assets. Frequently the liabilities of children and spouses pose the most significant threat, as the child’s ex-spouse or adult child’s creditor can make a claim for the funds such as joint accounts between a parent and child. Asset protection planning also provides professionals, whose personal assets are at risk due to the nature of their work, control over the income generated by his or her interest in the business. While insurance and legal entities protect business owners personal assets from business liabilities, the interest in the business is subject to personal creditors. By planning for life, we incorporate tax planning, government benefits, creditor law and business law into asset protection planning, which will assist in the future when administering the estate.