Which planning area would be examined for risk mitigation for potential liabilities?

The focus area for risk mitigation concerning potential liabilities is insurance planning. This area specifically deals with identifying, assessing, and managing risks that could lead to financial loss for an individual or a business. Insurance serves as a protective measure that helps mitigate various forms of risk, including property damage, liability, healthcare costs, and even loss of income. By properly evaluating and selecting insurance coverage, individuals and businesses can shield themselves from significant financial setbacks that might arise from unforeseen events.

On the other hand, tax management, wealth taxation, and portfolio management do not primarily concentrate on reducing risks related to potential liabilities. Tax management is about strategizing to minimize tax liabilities, wealth taxation relates to how wealth is taxed upon transfer or at the estate level, and portfolio management is concerned with investment strategies, asset allocation, and optimization of returns, rather than directly addressing risk mitigation for liabilities. Thus, insurance planning is the most relevant area for examining and addressing risks and potential liabilities.