Asset Protection – What does it mean?
Asset protection planning involves reviewing your assets, liabilities, risks and goals to determine the best plan to protect your assets from future creditors. The tools to implement an asset protection plan include a mix of business and estate planning tools.
Who needs it, when should I consider contacting Mr. Herrick
Anyone who has assets that they do not want to lose to future creditors should have an asset protection plan that is appropriate for their net worth, goals, fears and risks. Certain jobs or businesses involve more risks than others. The more likely you or your business will face a lawsuit, the greater the need for you to implement an asset protection plan.
What are the benefits of asset protection planning?
- Protecting your assets from creditors
-A car or other type of accident, a medical emergency or economic disaster (loss of a job or failure of a business) can easily make you the target of a lawsuit and put your assets at risk.
- Reducing the risk of being sued
-If there are no assets to go after, it is less likely that a creditor will sue and less likely that a lawyer will be interested in representing that creditor in such a lawsuit.
- Protection for assets not covered by insurance
-While you may have insurance, insurance does not cover all situations.
- Protection from liability that exceeds your insurance limits
-While you may have insurance, insurance has limits as to how much coverage it will provide.
- Providing peace of mind
-Nobody wants to work a lifetime accumulating assets and/or building up a successful business only to see it all disappear in a blink of an eye. Living in fear of lawsuits or a failed economy creates stress that a good asset protection plan can free you of.
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