Asset protection planning is for anyone with something to lose. Most of us work hard for our money and what we own and it takes a portion of a lifetime to grow wealth – the event of becoming a defendant in a lawsuit is an instant, one moment your assets are safe, and the next, everything can be in jeopardy.
Consider an asset protection plan your wealth insurance policy.
If you ask any person who lost a portion of their wealth in any kind of legal drama, what they would do differently, almost all would agree that they would have implemented some kind of protection when they had the chance. Certainly those who lost everything in a lawsuit would wish to rewind time and implement a protection plan that would change their outcome.
To benefit from financial protection individuals can implement planning tools starting under $2,000. These costs are nominal compared to the peace of mind that financial security brings to one’s future – the cost of litigating, defending a lawsuit, or worse, satisfying a judgment, can be devastating.
Lawsuits don’t announce themselves. Being surprised with a legal situation that jeopardizes one’s wealth could quite possibly be one of the most stressful situations anyone can face. The mental and financial toll of legal defense is a huge undertaking.
There is no silver bullet in a legal battle, however with some kind of asset protection in place, the more favorable your outcome will be. The amount of protection will depend on one’s comfort level and budget for legal services.
Scaling Protection Planning
A financial protection plan can be created that is scalable to meet the demand of one’s current situation. It is possible to establish basic planning tools with control instruments that can be transferred to much stronger vehicles should the need arise.
Utilizing business entities is one way that control over assets is transferred from one entity to another. This relationship allows an individual to remain in hands-on day-to-day control over their assets, and in the event of a legal battle, transfer control to a trusted party through a legal instrument whereby the assets are not vulnerable to the named party in a lawsuit.
These concepts are simple, however, should be considered with the advice of a qualified professional who can explain them relative to an individual’s specific situation. When considering asset protection think about having the ability to create a barrier around your wealth that creates a much stronger position in the event of any legal situation.