When should I consider asset protection planning?

This question should be rephrased as follows: “When can I not engage in asset protection planning?” Answer: You usually cannot engage in asset protection planning when a claim is brought against you or you are aware (or should be aware) that a claim could be brought against you, especially if the value of that claim in the least favorable light (i.e., the worst-case scenario) exceeds the value of your assets that are available to satisfy the creditor’s claim. Thus, if you have assets that you do not wish to be exposed to creditors’ claims (whether a judgment or a negotiated settlement), you should strongly consider asset protection planning while you only have future unforeseeable creditors.