Any person who owns property or a business needs to engage in asset protection strategies. Otherwise, assets they have worked years to acquire could be taken away in the event of a liability or personal injury lawsuit.
Establishing asset protection not only safeguards property, but also provides peace of mind. Unfortunately, we live in a sue-happy society with thousands of lawsuits filed every day. While this can be good for lawyers, it's not so great for small business owners or property owners who earn a living from the assets they've worked hard to acquire.
If a person or business is sued and the Plaintiff is awarded a settlement, creditors can seize assets and apply the value toward reducing the judgment. Most often, assets are sold at public auction with the highest offer taking the goods.