Asset Protection can be an important aspect of estate planning. Through the use of various trusts and business entities, one may be able to protect their assets from the claims of creditors. The basic principle involves transferring assets from one type of ownership that is unprotected to a protected form of ownership. Knowing how the various forms of ownership affect taxes and liability is vital in determining how to best accomplish one’s creditor protection goals. Asset protection planning is a way to safeguard your personal property from liability for you and your family for generations to come.