We all know we need a medical checkup from time-to-time (and some of us actually go). But many otherwise responsible business people may not realize that an Asset Protection Checkup is just as important for the financial health and protection of their families. The best time for an Asset Protection Checkup is when times are good and business is on the rise (or expected to be on the rise). All too often, people wait until the tide has turned and potential risks become current problems before beginning to consider asset protection options. At that time, options for asset protection strategies are much more limited.
HISTORY LESSON: Back in days of yore (2/9/72 - 4/4/85) in Ohio, a form of property ownership known as Tenancy By the Entirety (TBE) was recognized. The TBE form of property ownership harkens back to times when women had much less control over their affairs and needed to be protected from their husband's debts. It is useful now to protect assets from creditors.