Identifying the best way to protect your assets can ensure your property and money are secure during your lifetime and beyond. You’ve worked too hard to build your assets to leave them vulnerable to lawsuits or unfortunate life circumstances. If you become incapacitated and unable to make decisions, an asset protection plan can prevent asset seizure. This allows your hard-earned money to go to your family.
What Are the Top Risks to Your Assets?
Common scenarios that can result in lawsuits that strip your family of assets include:
- Health issues and death
- Creditors
- Divorce
- Employee disputes
- Theft
- Malpractice lawsuits
- Sexual harassment claims
- Natural disasters
- Disgruntled family members or business partners
If you haven’t thought about these issues, you are likely at risk. The individuals who live in the moment and hope for the best when it comes to asset protection planning, tend to be the ones who suffer most. Taking steps to protect your assets now will avoid problems in the future. It will also give you peace of mind, knowing that whatever happens to you, your family will have the protection and financial support they need.
How Asset Protection Planning Helps
Turning to a trusted estate planning lawyer who can help you with asset protection planning can make all the difference today and in the years to come. You’ll have professional guidance to protect your family’s future and minimize the risk of asset seizures. And, the truth is the more success you experience in your business and financial matters, the more at risk your assets are. However, with proper planning, you can avoid a devastating worst-case scenario.
First of all, the planning process begins by determining the right level of asset protection for your unique circumstances. It will take into consideration prenuptial agreements, insurance, choice of jurisdiction, gifting, partnerships, LLCs, asset segregation, asset protection trusts, and more. The professionals have unique systems and legal strategies you can put in place now. As a result, these systems can prepare you for any potential lawsuits or claims that put your assets at risk.
Some of the strategies you can employ to protect assets include:
- Establishing a company
- Having the right insurance
- Establishing a family trust
- Setting up ownership of assets for a spouse with a low level of risk
Once you have an asset protection plan, it is essential to review and update it regularly to ensure you have the necessary safeguards in place as life and business circumstances change. And, working with a qualified asset protection firm can provide the guidance and proactive strategies you need every step of the way.
Let Arch Legacy Firm Help You with Effective Asset Protection Planning
So, are you ready to begin asset protection planning? The team at Arch Legacy Firm is here to help. Our personalized, highly detailed approach will ensure you have the best strategies in place to protect your assets while you are alive and to secure your legacy for the future. Contact Arch Legacy Firm to schedule a LIFT Business Planning Session or Family Wealth Planning Session and get on the path to optimal asset protection planning.
