Financial planning is a process in which personal and financial goals are established and effective methods are then created to achieve these goals. The process must be ongoing, and, it is important that both the goals and plans are monitored and reviewed frequently to ensure that your financial goals can be attained. The planning process involves assessment of existing resources, consideration of future income, and development of a realistic plan to preserve wealth and minimize taxes.

Asset protection planning involves structuring financial affairs and holdings in a manner to protect the assets from claims by future creditors, litigants, and family members. A well-constructed asset protection plan enables you to preserve your wealth for yourself and heirs by using legal techniques that will deter outside entities from pursuing or gaining access to your assets through frivolous claims. Asset protection planning allows you to segregate and insulate liabilities and assets to the greatest extent allowed by law. This may be done by setting up trusts, corporations, partnerships, and other entities to hold legal title to the assets that you control.