Risk management is intended to minimize financial and other losses potentially associated with risks to your assets, business or health. Some examples of risk are personal and professional liability, business ownership, property loss and catastrophic illness or disability.
Asset protection planning manages risks to your wealth. Lawsuits, accidents, property damage, and other financial risks are facts of everyday life and asset protection planning looks to transfer the risk of these events through:
- Repositioning asset ownership
- Other protections available under the law