Welcome to Radical Personal Finance to Show dedicated to providing you with knowledge, skills, insight and encouragement you need to live a rich and meaningful life now,

while building a plan for financial freedom in 10 years or less.

Today we continue part two of our Asset Protection Planning for Mere Mortals series wherein I want to speak with you for a bit about the legality and the morality of asset protection planning.

Question is this.

Is it legal and is it moral for you to engage in conscious planning in order to protect your assets.

Now in the previous show I expanded the concept of asset protection planning very very broadly much more broadly than

is the customary use of that term in today's show although I think that is of a valid perspective

for you to continue to think about. I want to

restrict my use of this term asset protection planning to the more conventional meaning.

Basically, the conscious decisions that you might make to protect yourself from the legal

claims that other people might seek to make upon you and your money.

The field of asset protection planning, especially as it's practiced in the legal profession,

is newer than many other forms of legal practice.

That's not to say it's entirely new,

it's simply newer.

And it is developing.

So let's start with the simpler question of legality. Is it legal for you to engage in asset

protection planning? In a word yes, absolutely. It is legal for you to engage in asset protection planning.

Now there are some caveats that you should be aware of, but in short answer, asset protection planning is entirely legal.

The legal field of asset protection planning draws heavily on the field of estate planning.

So many of the methodologies that are used in estate planning, which is the conscious decisions

that you might make for the disposition of your assets at your death so that they go to the people

...