Asset protection made easy sounds like an impossible task, but Dr. Jim Dahle has set out to demystify this potentially complex topic with The White Coat Investor’s Guide to Asset Protection: How to Protect Your Life Savings from Frivolous Lawsuits and Runaway Judgments.
There are several components to a sound asset protection plan, and luckily, you’ve almost certainly got some of them in place based on what’s legally required of you and the types of investment accounts available to you.
Since this volume is aimed primarily at physicians, Dr. Dahle takes a good look at the likelihood of losing your personal assets to a malpractice judgment against you. Good news! It’s extremely unlikely.
The risk of losing your assets to an ex-spouse is infinitely higher. What you ought to do, if you choose to marry, is to be on the same page as your partner when it comes to spending, saving, and investing. Pre-marital counseling can be helpful in this arena.
In the introduction, I mentioned the fact that you’ve already got some asset protection in place as mandated by law. For example, your vehicles must be insured, and your state’s laws typically require some liability insurance.