What is the difference between asset protection and asset management?

Asset protection and asset management are important aspects of financial planning for individuals and businesses. Asset protection is a legal practice that protects a person’s assets from creditors. This includes strategies such as setting up trusts, creating LLC’s, and using other legal means. The goal of asset protection is to protect one’s assets in the event of litigation or bankruptcy, while also preserving the value of specific assets. Asset management is the process of buying, selling, and investing in financial products in order to manage and grow a person’s wealth. It involves researching investments, managing risk, and strategically investing in different products to achieve specific financial goals. Asset management includes things like budgeting, creating financial plans, and monitoring market conditions. The key difference between asset protection and asset management is that asset protection focuses on protecting a person’s assets from creditors while asset management takes a proactive approach to grow a person’s wealth over time. Asset protection is a legal practice which allows individuals to protect their assets from potential creditors, while asset management is more of an investment strategy that helps individuals and businesses grow their wealth. In Maryland, asset protection law provides protection from creditors, while asset management is up to the individual or business to manage.

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What is the difference between asset protection and asset management?

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