You can lose everything in even a simple law suit. They can go after your house, clothes, furniture, cars, jewels, vacation property and even part of your income.

Some people think that getting incorporated will solve all their problems. The idea is that being incorporated prevents people from seizing your personal property if you get sued. But the trick is that it’s your company that needs to be sued. If you start a business that you don’t do anything with, and you have no customers, your company probably isn’t going to get sued. If it ever happens, it will be you getting sued ‘ in which case everything is fair game.

A much more realistic approach is to work with an attorney who will help you transfer all your assets into trusts. This includes your house, vacation homes, brokerage accounts, and basically anything you don’t want to lose. Even though you will no longer own these items, you will be managing the trusts.

What’s the benefit? If you get sued, no one will be able to validate anything that you own. Your home, you car nothing. You don’t own them any more.

The only thing that can’t be touched are annuities. Everything else should be put into trusts for peace of mind. Also discuss estate planning with your attorney to make certain that these trusts are now mentioned in your will.