Nobody goes into business thinking that one day they will be facing serious personal financial threats to EVERYTHING they own because of that business. Yet 80% of all businesses go out of business within the first 5 years and most of those owners face total financial devastation.  Not planning for this is even worse than not having insurance since the odds are that 9 out of 10 people will face this very issue some day in their near future. 

What really makes this unfortunate is that most of the personal financial havoc can be avoided with a little planning. There are some rather easy ways to protect your home(s), other real estate, cars, retirement funds, savings and even many of the business assets.

While the use of a trust is helpful, by itself a trust would be insufficient against the IRS for example.  There have been many piecemeal jobs by the owners to attempt to accomplish this, but when they do so they are risking their entire family's future.  Seek professional help on this one.