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The goal of asset protection planning is very simple – to separate ownership of assets from risks that could see the loss of those assets to creditors.
Life is inherently risky. Running a business is even riskier. Losing assets that may have taken years of hard work to acquire is unthinkable. That's why 'asset protection planning' or APP is so important.
Buy/sell arrangements set the ground rules between the co-owners of a business as to what is to happen if a co-owner dies or suffers a trauma that will likely require them to leave the business.
Discretionary trusts allow potential beneficiaries to control assets without actually owning the assets - very useful for asset protection purposes.