Litigation is America's fastest growing business because plaintiffs have everything to gain and nothing but a few hours' time to lose, says Hillel Presser, author of "Financial Self-Defense" (Revised Edition)." 

"Even if a case seems utterly ridiculous -- like the man who struck and killed a teenager with his luxury car and then sued the boy's family for damage to his bumper -- defendants are encouraged to settle. It's sometimes the only way to avoid potentially astronomical legal fees," he says.

If you haven't already taken steps to protect your assets, that's one New Year's resolution you'll be glad you made and followed up on, Presser says. And while it helps to have the assistance of a lawyer who specializes in asset protection, there are many things you can do yourself.

"You shouldn't have any non-exempt assets in your name," Presser says. "The goal is to 'own' nothing but control everything."

Presser suggests these resolutions for safeguarding your wealth in the event of a lawsuit:

* Inventory your wealth. Figure out how much assets you really have (most people have more than they think). Take stock of valuable domain names, telephone numbers, intellectual property, potential inheritances, and other liquid and non-liquid assets. That way you can then work on actions to cost effectively keep them safe.

* Set your goal. Setting your 2013 asset protection goal is your first step to becoming protected in the New Year! For instance, you could plan to execute an estate plan or set up a trust for your children in 2013. Decide what assets you want to protect in the New Year and a realistic timeline for implementation. Then -- and most importantly -- stick to your plan. Asset protection works only if you follow through.

* Protect your home. Find out how much of your home is protected by your state's homestead laws and then encumber the remaining equity. Encumbering a home's equity can be accomplished by recording a mortgage against it, re-financing a current mortgage or even taking out a lien of credit using your home as collateral! Another great strategy to protect your home is to transfer its title to a protective entity such as a limited liability company (LLC), trust, limited partnership, etc.

* Get everything out of your name. The worst thing you can do as far as exposure is titling all of your assets to your personal name. That doesn't mean you have to lose control of them - the goal of asset protection is to "own nothing, but control everything." In 2013, work on moving your assets out of your personal name and into the name of protective entities such as limited liability companies (LLC's), trusts, limited partnerships, etc.

* Buy adequate insurance. Protect your loved ones. Make sure you have adequate insurance coverage in the event a job loss, natural disaster, or even a tragic loss of life. Those include -- but are not limited to -- your car, home, and other valuables.   

Note: Always seek personal legal advice from a licensed and experienced attorney in your state.

Often referred to as "Obamacare," the Affordable Care Act of 2010 brings health care reform to America in a big way starting in October of 2013.  

Open enrollment is scheduled to begin on October 1, 2013 to allow Americans time to shop for health insurance in time to meet the January 1, 2014 individual mandate that everyone be required to have health insurance or pay a penalty. Having legitimate coverage will satisfy the mandate including private insurance obtained on your own or through a job, Medicare, Medicaid, CHIP, or Tricare.

Here are more highlights of the new law:

Individual subsidies. If you buy on an exchange as an individual, you may qualify for a subsidy in the form of an advance tax credit if your household income is between 100 percent and 400 percent of the federal poverty level. (The tax system already subsidizes people who have coverage through a job by excluding the cost of their health plan from income taxes).

Guaranteed issue. This is the most popular part of health reform: Health plans must sell coverage to everyone, regardless of pre-existing conditions, and can't charge more based on health or gender.

Exchanges. By October 1 of next year, every state must have an insurance exchange - a marketplace where individuals and small-business owners can view, compare, and purchase qualified private health plans. It's expected that most consumers will shop on their state's exchange online, but they can also shop by phone or through brokers.

States have the option of setting up exchanges themselves or allowing the federal government to do the job.

Penalties. If you don't have health insurance, you'll have to pay a tax penalty, starting at $95 per individual, $285 per family, or 1 percent of income, whichever is greater, for 2014. The penalties rise in subsequent years.

You should expect to receive regular communications from your current insurance provider informing you of your status and how your coverage meets the legal mandate. You will also receive information on who to verify your qualifications for subsidies to help pay for coverage.

2013 proves to be a groundbreaking year for health insurance coverage and the costs associated with it. This is a topic all of our readers should pay particular interest.