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.
A balance between control and safety must be structured. Tax and financial planning are also part of asset protection. An asset protection plan may increase your tax and reporting burden. Many entities require additional accounting fees, legal costs, forms and returns. Liquidity and return on investment may also be affected.