Is asset protection only for the wealthy?
Asset protection is definitely not just only for the wealthy. Virtually anyone can benefit from the various forms of asset protection. In a state like Florida there are several statutory protections for certain assets like retirement accounts, life insurance, annuities, and homestead. Also there’s proper ownership of business entities, for example, using LLCs instead of actual state law corporations, and there is ownership of certain other assets like homestead of tenants by the entirety for married couples. Of course, anyone can benefit from trust planning as well for asset protection. There are several ways that even people with normal incomes or wealth levels can benefit from that.