While one is working or is in business, he will accumulate assets that will be able to help make his life more comfortable. Now there will be times when predators from the outside will try to attack his assets in order to legally claim it and they will succeed if he does not protect them properly. Now in order to do this, he would need to do some asset protection planning.

Now probably the first rule that a lot of asset management consultants would state would be to increase liability insurance. Now this will be one of the front lines that can protect one from legal claims that people can state against him. Of course he has to make sure that the insurance policy will cover the situations that may possibly harm his assets otherwise he will have no way to defend himself.

Now a second rule when trying to protect assets would be to make sure to separate the ones for personal use and the ones for business or work. Now there will be times when there is someone who would want to attack one of them in order for them to get a lot of money. So in order for them not to get everything, then one has to make sure to separate the two so if one gets attacked, the other one still is alive.

Now there are a lot of people who would consider having a joint account when they get married. However, many experts believe that this is a bad idea because if there would be a disagreement between the spouses that would be taken up to the court, all the money could be taken by one party. So for one to protect himself, he should have one personal account separate from the joint one.

Also, another rule when having joint accounts would be to make sure that the balance is as low as possible. So just in case the one sharing the joint account would want to attack, at least not much will be taken from the joint account if ever. This would usually be done if one would get married and would have a joint account with his spouse.

Now if one is a landlord and has a piece of property that people are renting, he has to also be careful there. Now there are going to be times when a tenant would try to attack the landlord in order to get all the assets of the landlord. In order for the landlord to protect himself from that, he may create a business entity and make the business entity manage the rental property so that anyone who sues him will be suing the business instead.

Now do remember that in asset protection, using bankruptcy as a last resort is not advisable. True declaring bankruptcy may take away all of the debts but of course one will still have his assets at risk. So never try to use that method unless there is nothing more to do.

So if one would want to protect all of his assets, he must take note of these things. Now he has to act fast and early if he would want to put up guards. If he acts late, then someone might already be plotting against him.

Read more about Rules For Effective Asset Protection Planning.