ESTATE PLANNING INSIGHTS By Ethan R. Okura
As you probably know, the United States is one of the most litigious countries in the world, with more people suing each other than almost anywhere else in the world. There is one lawyer for every 252 citizens in the U.S., as compared to only one lawyer for every 3,484 citizens in Japan — a huge disparity. As a result, more and more people are concerned about structuring their business and financial affairs to protect their assets from frivolous lawsuits.
Asset protection is a necessary and growing component of 21st century estate planning. In the not-too-distant past, a power of attorney, a will and a revocable trust were sufficient for most people; only doctors and wealthy business people were concerned about protecting their assets.
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