A tight housing market is leading many young adults to postpone purchasing a home, choosing instead to go the rental route. Many simply don’t want to be encumbered with a mortgage and all of the responsibilities that go with home ownership. As a renter, it’s tempting to think that all of your responsibilities and worries shift to your landlord; however, you’ll be in for a shock if the building you’re living in is damaged by a fire or assaulted by thieves. Your landlord will be protected because he or she has insurance on the property.
Business owners who have acquired a lot of personal assets face the possibility of having their assets targeted by creditors who want to resolve a business liability. This is especially true in the case of a business owner who guarantees a debt of the business with his personal assets. Although many business owners go through the process of protecting their assets from business liabilities, there are some aspects of asset protection that they may not have considered which could put their assets at risk.