It is easy to lose it all because you overlooked something you didn’t know was important. Here are some things you need to keep your eye on so you don’t lose it all.
Trust Protection — The most foundational level of asset protection is to plan for what will happen to your assets in the event of your incapacity or death, because you are 100% guaranteed to have one or both of those happen to you. If you become incapacitated or die without proper planning in place, your assets will get stuck in the court system, and could be delayed in getting to your loved ones, or even lost altogether. If you don’t have a plan, establish one. If you have a plan but have not had it reviewed in the past couple of years (or ever), do so as soon as possible.
Insurance — What about planning to protect assets from things that could happen during your lifetime, such as litigation, too many debts, accidents, medical emergencies, or other mishaps? Buy insurance! Insurance can do two things even an asset protection plan can’t: pay to defend you in the event a lawsuit is brought against you and pay to settle any lawsuits.
Maintain Your Business Integrity — Make sure you’ve fully separated personal and business assets. If you don’t, all of your personal assets are potentially liable for a business mistake. And never sign a personal guarantee until you have allowed us to review it.
Don’t Wait Too Long – You will not be able to protect your assets against a debt once you know about it or know even of its potential existence. The doctor who discovers he just amputated the wrong leg has lost the ability to asset protect, even if the lawsuit is months away. Asset protection must be set up ahead of time to be effective and legal.
Protecting your assets takes know-how. If you’re ready to develop a smart asset protection plan, consider sitting down with a Personal Family Lawyer®. As your Personal Family Lawyer®, we can help you with your asset protection planning needs. Our Family Wealth Planning Session guides you to protect and preserve what matters most. Before the session, we’ll send you a Family Wealth Inventory and Assessment to complete that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your family is taken care of.