Education for Protecting Family and Fortune

Many business people freeze when it comes to the function of selling.

One of the most important things you can do as a dad or husband is protect to your family assets as soon as you can. This should be the case especially if you are in business. One of the best ways to do this is with asset protection.

Asset protection is quite simply to do with protecting your assets.

It is a process by which you set up a plan that will structure your business and personal affairs in such a way that your assets are protected from the grasp of people who may want to get their hands on it for various reasons.

Asset protection is legal and ethical and it has nothing to do with hiding your assets but everything to do with structuring your affairs so that your assets are kept outside of the potential reach of those who may try to take them. It is a sophisticated method of business planning using lawful estate planning strategies.

An analogy is that of insurance. You take out an insurance policy to protect yourself against any financial losses should a disaster occur. There is a cost involved, but you are prepared to pay that cost in the hope that you will be able to recover your position should a disaster strike.

Asset protection is similar in many ways. No one can see into the future. You do not know when a crisis will occur or when disaster strikes. If such a crisis or disaster happens then there is the possibility that you could lose your assets.

Today’s society is a very litigious one.
More and more we hear of multi million dollar lawsuits being brought to courts between parties for one claim or another. Many plaintiffs arrive at the conclusion that they have little to lose in bringing an action because the party that they are seeking compensation from may have very deep pockets.
Legal action can arise from many sources.

  • Professional claims
  • Business activities
  • Damages for motor vehicle accidents
  • Defamation
  • Investment loss
  • Negligence

Many of these situations can be covered adequately by insurance but this is not always the case for everything. Often the insurance cover held may not be sufficient to meet the potential compensation that could arise in a legal action.

People spend a lot of money with their lawyers to set in place a sound estate plan that will ensure that their family receives their assets on their death, but give little thought to safe -guarding their assets while they are still alive.

Many don’t realise that unless they put in asset protection it is possible that they could end up with few assets left for the heirs to share.

Asset protection should be an integral part of any family business planning structure.

DO IT TODAY – no ifs, no buts – no exceptions.

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