A common problem is to set up a limited partnership or irrevocable trust or corporation and to fail to change the title to your property. Jointly held assets pass outside of your will or your trust. Assets with a named beneficiary are not subject to the general provisions of your will or your trust. Any assets in excess of that amount may be subject to some estate taxes without some estate planning. Do it right and co-ordinate it with your asset protection plan.
Risk management is an organized system of dealing with risk .
You compile a list of potential risks. Then you decide how much you can afford to self insure. Then you decide whether there are some risks you can get rid of - like an apartment building where the tenants might be injured. The last step is to look for insurance. Avoid being on any board of directors unless they can assure you that they have ample insurance coverage.