Asset Protection Planning 101: Your Primer
Successful wealth protection doesn’t just happen. Whether you can effectively blockade litigants and creditors from grabbing your assets depends on ‘ifs’.
• if you protect yourself before trouble strikes.
• if you use the right strategies and tools for your particular situation.
• if you have a professional advisor with the necessary skills to build your best financial fortress.
• if you as enthusiastically shelter your wealth as you generated your wealth.
Asset protection is a strategy to title your savings, property, business, and other assets to shield them from lawsuits and other claims. Asset protection prevents your adversaries from seizing your wealth.
Asset protection is a safety net. It doesn’t guarantee that you won’t get sued or run into other financial calamities; but if you do, you will lose fewer assets. Otherwise you’re in ‘free-fall,’ vulnerable and exposed. Your lawyer may fight to defend you against a lawsuit, but your lawyer probably won’t tell you to shelter yourself in the event they lose your lawsuit. That’s something you must know!
3 comments
An ounce of prevention OR a potential loss of everything. Great article to get me thinking about the what if’s.
Thanks!
the best advise I have been given is ‘pay yourself first’ and the next best is ‘put into the stock market only what you can afford to lose, as you’re gambleing”
I lost my job 4 months ago. I’m living on saving. How many have savings to live on? Enough said….
Great subject – something all of us need to know more about!! What about all the folks that didn’t think “protection” as they were making money? Even folks without great wealth need asset rotection but good advise is hard to find. I paid for a consultation with an asset protection attorney and now I wish I hadn’t followed his advise concerning my real estate. As I said, it’s hard to protect assets when you aren’t sure just how they will be attacked.
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