In more ways than one, asset protection planning is just like poker. A deep symmetry exists between the strategies generally employed in legal system and in the game of poker. That’s certainly true of litigation, where lawyers have to make lots of competitive decisions with incomplete information, and it’s also especially true in the field of asset protection, where the game is focused on preserving wealth and removing any potential disadvantages from your hand before sitting down at the poker table.
Asset Protection — Public and Private Information
Just like in the game of poker (except for draw poker), there is always a certain amount of information about your assets that is publicly available or easy to figure out (e.g. the type of car you drive, the house where you live, etc.), and then there is information that isn’t so readily discernable. Asset protection planning, or in this context Asset Protection Poker™, is about adding some degree of privacy to your assets. But that’s not the whole game. Not by a longshot.
Welcome to Asset Protection Poker™
This series of blog posts is going to compare different aspects of asset protection planning to the game of poker. We are going to focus on risk management, wealth preservation, bluffing (a.k.a. deception . . . but never to a judge!), and the actual legal advantages that exist when you have an asset protection plan in place.
Of course, as a secondary goal, I hope to introduce you to the game of poker and/or help you improve your poker skills a little. Maybe one day we can even get together for a friendly game of cards one day . . . .