No matter what you own, someone can take it away in a lawsuit that is why asset protection is so important. Keeping your assets has turned into a big time legal specialty because too many people just want to sue you to see what they can get; and you’d be surprised what they can get! Protecting your assets doesn’t need to be intimidating.

Your bank accounts, your business, even furs and jewels can be lost if you’re sued. Asset protection doesn’t just refer to your secret Swiss bank accounts. It refers to everything from your residence to your furniture to even your retirement accounts. So before worrying too much, here are some tips to stay safe.

One way many people choose is to start a company and incorporate. This is fine only if you plan on working the company and getting clients. Something simple is OK, even a cookie baking business or a babysitting service. Save money by filling out all your paperwork right on your state’s website, paying the start up fees, and you’re done.

Of course, the problem here is that this isn’t going to help unless someone sues your company. If they sue you, you don’t have the company to protect you. In other words, if you don’t plan on working the business and getting customers, your chances of having someone sue your company are almost non existant.

The best way is to find an attorney who specializes in Trusts. He will show you how to transfer all your assets into trusts. You will have control over them, you just won’t technically own them any more.

Let’s say you’re in a car accident and someone sues you for millions in medical bills. They hire an attorney to find out what you own and ‘ he can’t find anything in the public records because you actually don’t own anything. Even your home is now owned by a trust.