Who Should Protect Their Assets, When, and Why?
By Josh Bennett on November 2, 2013 - Category: Assets Protection
Asset protection is not merely the purview of the wealthy. If you accrue assets of any kind, whether they be investment accounts, art work/collectibles, real estate, etc., or simply your primary home, car, and basic savings, you have worked hard to acquire them. You value what they are, what they represent to you.
Merriam-Webster defines asset as “A useful or valuable thing,” and “property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.” Assets are things we value, things that add value to our lives. However, it is not enough to amass them; we must protect them—and do so before they are potentially at risk.
When you buy a car, you must insure it. When you take out a mortgage to purchase a home, one of the contingencies to obtain the loan is that you comprehensively insure the home. This is to protect the mortgagor’s investment in your home, to shield the party granting the loan from undue risk. They do not underestimate the vulnerability of their investment. Neither should you.
In fact, the time to engage in asset protection is not after you have accumulated your assets, but at the time you decide to accumulate them. Generally speaking, the following is a list of the most common types of assets that should be protected.
- Real estate, including your home
- Your business (and, with it, your reputation)
- Your hard-earned wealth and investments
- Your retirement
- Your estate
- Intellectual property (patents, trademarks, copyrighted material, etc.)
All of these, without exception, are vulnerable to creditor attack. All of these, without exception, must be protected before someone else attempts to lay claim to them. Waiting to protect them until they have been targeted is not only bad planning, but, more often than not, it’s downright illegal.
Asset planning, when done effectively and correctly, puts your treasured assets beyond the reach of creditors. If you have not already done so, consult a licensed asset protection professional today to find out whether your assets are at risk and what you can do to protect them.
For more information on how to protect your assets, contact me or order a copy of my book, The Ultimate Guide to Asset Preservation.