When Eric left water running unattended, the resulting flood caused over $400,000 in damage. Any inheritance he might have received before this accident could have been taken from him to pay for that damage. However, if Eric had received an inheritance in a Lifetime Asset Protection Trust, instead of an outright distribution, his inheritance would be completely protected from such a lawsuit—and just about any other threat imaginable.
Read MoreWhile most people assume only the uber wealthy need to worry about asset protection, those with less wealth and fewer assets may be at even greater risk. For example, if you’re a multi-millionaire, a $50,000 judgment against you might not be that big of a burden. But for a family with a modest income, home, and savings, it could be catastrophic.
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