Protecting your assets and wealth, whether for the present time or for when you pass, is crucial to ensure that other third parties don’t get their hands on it.
Why do you need to protect your assets?
There are three main scenarios where asset protection is a good idea.
1. If you run a business or are in a profession where your assets could be at risk (such as if you are sued).
2. If you want to ensure that your beneficiaries get your assets after you die, not some other parties who you don’t want to pass your assets on to.
3. Giving a family member (such as a descendant) money to buy a house.
Properly arranging your assets in either of these cases can be the difference between keeping them (or passing them on to the right person) and losing a signification portion of them. It is always better to have your affairs in order before something happens, than to try and deal with it afterwards, often when it’s too late.
This is where an asset protection lawyer comes in. An asset protection lawyer’s job is to advise you on how best to protect your assets to ensure they remain yours.
Whether this is through a family trust, a business or some other means, the lawyer will advise you on the best way to organise your assets to ensure that are exposed to as little risk as possible, whether it’s from suing, probate or any other scenario where they could be in question.
Who should worry about asset protection?
Anybody who runs a business, owns real estate, offers a professional service, or has wealth they wish to pass down to descendants should be looking at creating an asset protection plan as part of their estate planning or general financial plans.
If you are looking to establish asset protection, speak to use today. We specialise in all aspects of estate planning and asset protection and are here to assist you with getting your assets and wealth fully protected!