Risk management is intended to minimize financial and other losses associated with your assets, business or health. Some examples of risk are personal and professional liability, business ownership, property loss and catastrophic illness or disability. Your first line of defense is to identify your sources of risk and then to either avoid or minimize the major exposures. Your last line of defense is insurance.

Asset protection planning manages risks to your wealth. Lawsuits, accidents, property damage and other financial risks are facts of everyday life and asset protection planning looks to transfer the risk of these events through:

• Your estate plan
  
  
• Repositioning asset ownership
  
  
• Other protections available under the law
  
  
• Insurance