Asset protection is a crucial consideration for people who are wealthy. Of course, the term "rich" is relative. Many middle income families can actually accumulate significant assets over a lifetime. This is especially true for small business owners. Even if the income gained from owning and running the business is modest, the assets of the company may be worth in excess of a million dollars. Safeguarding these assets from creditors and litigants is an important step in planning for the future.

Asset protection should be undertaken before funds and property are actually in imminent danger. Otherwise, the move to shield assets may be viewed as an attempt to defraud those who are attempting to collect a debt or judgment. Family limited partnerships and limited liability companies are popular ways to protect assets. They draw a firm line between the assets of the business and the individual - providing some personal protection. Foreign trust accounts are sometimes used when large sums of money are involved. They are not under the jurisdiction of the U.S. and creditors have difficulty collecting from these trusts.