If you are the owner of an asset, such as a house or car, you have probably wondered how to protect it. After all, protecting your assets and making sure they don’t get ruined or damaged is important if you want to keep them long-term and avoid major expenses down the road. Whether you are looking to protect real estate, vehicles, business equipment, or personal possessions, here are some asset protection services that can help keep your assets safe in almost any situation.
Asset Protection - What it is and Why You Need It
As you create your wealth, you will want to work towards protecting your assets from any potential future lawsuits. Many steps can be taken towards asset protection, but there are a few areas that most often go overlooked. These include:
- Individual Retirement Accounts
- Life Insurance
- Family Limited Partnerships.
Make sure to take steps towards these forms of asset protection when planning your future. An ounce of prevention does seem like it might be worth a pound of cure!
To learn more about asset protection, and other estate planning tips, talk with an experienced estate planner in your area. And remember: for tax and financial advice, there’s no substitute for working with a credentialed professional!
Asset Protection Shouldn’t Hurt Your Credit Score
If you’re concerned about protecting your assets, don’t overlook something that may be as important to your future: your credit score. Proper asset protection planning could boost it. Our firm focuses on asset protection for high-net-worth individuals and families and their businesses. Asset protection planning should not hurt a person’s ability to get credit. The clients we see are often top producers in major companies or have substantial holdings in privately held companies. We help them maintain those assets so they can continue to build successful business ventures.
Attorneys Vs. CPAs in Asset Protection
When it comes to financial advisors and strategies for asset protection, two categories stand out: CPA’s and attorneys. To determine which group of financial experts you should turn to when seeking asset protection help, it’s a good idea to research each category before moving forward with any decision. While both a CPA and an attorney can offer valuable services about asset protection, they often approach situations from different perspectives. A major difference between these two groups of professionals involves what happens after your assets are protected; while CPAs will leave your finances up to you, attorneys often become involved with taxes and other related issues beyond asset protection. Weighing these factors will ultimately determine who you choose as your asset protection advisor. If you have questions about choosing one or the other, contact our firm!
The Right Asset Protection Tools For Your Situation
Starting a business without asset protection can be dangerous. Even if you never think your company will fail, unexpected lawsuits and legal actions can drag your business down. As a small-business owner, you may not have thousands of dollars to spend on large-scale asset protection strategies like buying insurance or setting up an offshore trust in another country. However, that doesn’t mean you can’t create some level of asset protection for yourself and your company.
How to Avoid Probate
The trick to avoiding probate is to structure your assets in a way that gives beneficiaries immediate ownership upon your death. By giving away assets during life and creating trusts, you can make sure that no court procedures are required for others to receive your assets after you pass away. There are many different types of asset protection structures available; it’s best to meet with an attorney who specializes in estate planning to develop one right for you. If you have questions please contact Larson Wealth Management!
