The Role Of Liability Insurance In Asset Protection Planning
Quite absurdly, some planners who think that they know something about asset protection planning will actually tell their clients something like, "Once you have your asset protection plan in place, you can give up your insurance coverage because you will not need it anymore." This is a hidden sales pitch here, because the planner is trying to make the client think that the money that they save on insurance will offset the cost of their asset protection plan (which will, of course, usually just be some junk planning). This is just crazy, for all the reasons set forth above, and a very good indication that such a planner doesn't have the first clue what they are doing. And they don't.