Why Plan? The Need for Asset Protection

• Author: Jeffrey Robert Matsen
• Profession: Founder and managing partner of Matsen Voorhees Mintz LLP
• Pages: 7-11

7

CHAPTER

2

Why Plan? The Need for

Asset Protection

The Reasons

Over the last few decades, expanding theories of liability and the great proliferation of litigation have

given increased emphasis to Asset Protection Planning. Potential liability is now a major concern to doc-

tors, lawyers, business owners and other professionals of high net worth. Why is there such an increased

liability exposure? The reasons are varied and somewhat obvious, but it is wise to examine them in greater

detail.

1. Victim-Oriented Society

First of all, we now live in a victim-oriented society. There is a strong societal tendency to blame misfor-

tune and general ills on some specific person or entity.

We are mere mortals; there are many instances of misfortune that occur on a daily and almost routine

basis as a result of the imperfect world in which we live. Accidents happen, things get forgotten, mistakes

are made, and sometimes things just go wrong. In the past, society recognized these unfortunate occur-

rences as a part of life. But over the past few decades, some people have developed a strong tendency to

assign blame on someone or something instead of accepting the situation as a part of life.

This victim-oriented philosophy is based to some extent on the division of the “haves” and the “have

nots.” Victims of some of these misfortunes tend to place the blame on those who they perceive have more

than them. While some of this blame may be properly directed, it clearly should not act as an excuse for