Gifts can be made to spouses, family members and charities. Legal entities such as corporations and trusts can be used to hold title to assets or operate a business. Such entities are often stacked or tiered creating a layering effect. In some cases, assets are even transferred outside the United States. Certain assets are exempt from creditors both in and out of bankruptcy.
Homesteads are available in most states.
Retirement plans are frequently exempt from attachment by creditors, though this is not guaranteed for the future. Of course, the primary goal of asset protection is to legally shield assets from the reach of creditors. Keep peace of mind Asset protection planning requires compromises and trade-offs. The more control one has over an asset the greater the risk of a creditor obtaining it. Many people are uncomfortable giving up any significant degree of control.