Asset protection planning is not just for the wealthy. Many professionals, including doctors, lawyers, engineers, architects, accountants, and others are exposed to potential liability issues involving the professional services they render. Small business owners have great exposure to potential sources of liability not only from the activities of the business operations and dealings with the public (breach of contract, vicarious liability for employee actions, premises liability, employee responsibility for traffic infractions, etc.), but also from regulatory requirements ranging from employee relations (employment discrimination, sexual harrassment, wrongful termination, etc.), to injuries on the job, to violations of the immigration laws, to payroll taxes with the IRS. Any owner of real property where the property is open to the public or invitees to the property, also face potential devastiting liability for injuries that occur on the property. There are many actions brought against property owners public and private, commercial and residential, that result in jury verdicts of tens of millions of dollars more than the liability insurance coverage maintained on the property involved.
Potential liability from automobile accidents that result in injuries and damages that exceed the limits of liability coverage is signficant. The driver or owner of an automobile can be liable for millions of dollars vastly exceeding the amount of coverage provided by the liability insurance policy.
Practically no one is immune from law suits (See Ridiculous Lawsuit entries at blog.thecolemanlawfirm.net). Therefore everyone has the need at some level for asset protection planning.