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Proactive Mindset: Why We Need Asset Protection Planning

proactive asset protection

Asset protection is synonymous with “wealth insurance.” Just like you would have fire insurance coverage for your home, proactive asset protection is wealth insurance. If you consider planning the protection of your assets like an insurance policy, the point gets clear pretty quick. You don’t wait until you have an accident to purchase protective coverage. The same goes for protecting assets. You implement your coverage and maintain it. Imagine a family who lost their home to a fire and didn’t have insurance. Or the individual who was uninsured that caused an automobile accident. These types of incidents could wind up being total loss cases, devastating.

You can insure your wealth, and future wealth, with an asset protection plan in place. Planning ahead is far more palatable than hindsight and regret. The best result you can possibly have is that you never need to protect your wealth from a threat. Just the same that you hope you never make a fire insurance claim. It’s there when you need it and for those who failed to plan ahead would all wish they could rewind the clock. Learn how it works. Then, create a well-structured asset protection plan and know that you have protected your lifetime of accumulated wealth. Even state governments take action to protect state resources from lawsuits. [1]

plan into action

Pre-Plan for Asset Protection

The average person in the United States experiences five lawsuits in his or her lifetime according to attorney J. Mitten. In order to create a well defended asset protection structure, it is best to do it before there is legal trouble brewing. You should do it proactively. Before your business partner dispute, before the divorce and before an accident. Once a legal threat arises, courts recognize the transferring of assets in an attempt to protect them as a fraudulent transfer. Now, this is a civil matter, not a criminal one. You can avoid this ruling with some forethought.

The proper conveyance of assets includes both planning for your estate and asset protection. When you organize your wealth into a protection plan with minimal exposure, you can present a strong defense. Proactive asset protection is the proper strategy. Anything else is high risk or very tricky to defend which are both weak points in a legal proceeding.

asset protection planning mindset

We spend our whole lives accumulating our wealth and providing for ourselves. At the same time, we live in a world where if you leave yourself unexpected you could easily devastate a lifetime of accumulation. Every year the number of these events grows. Such events can suddenly devastate a business’s and family’s financial future. Planning for your financial security is the foundation for success. The first step it to get into a protective mindset. That is, now that you can protect your assets. There are methods that you can employ in order to guard yourself from the ravages of litigation.

The Protective Mindset

Regardless of your lifestyle, profession, location or prudence, you are constantly engaged a highly regulated litigious legal society. You can reduce your exposure. However you cannot simply avoid risk altogether. An automobile accident, liability for children’s actions, divorce, a business partner dispute, discrimination [1], tax liability or even someone claiming defamation. You could be faced with an unexpected encounter at any time. Nearly 100% of individuals or families that have experienced an unexpected event with detrimental financial impact. They would wish to rewind the clock and implement at least a simple asset protection plan. One that that would greatly change their level of vulnerability. In those cases, the victims learned about threats to their family’s financial security the hard way. The key thing is to realize that financial stability isn’t something taken for granted. Then, it will be time to begin planning the security for your future.

children

Why We Need Asset Protection

There are countless facts that demonstrate everyone’s relationship with unforeseen financial vulnerability. In the United States there are nearly 100,000,000 lawsuits filed each year. Hundreds of thousands of people will wind up in an automobile accident. Many with liability that is in excess of their insurance policy or what their insurance company will cover.

Tens of thousands of individuals will encounter a medical or health related incident. Often, that will quickly add up to more than they can afford. Many people now face economic collapse. Some are out of a jobs with bills piling up. Thankfully this may not apply to you now. However as the next year unfolds and 2,000,000 Americans face bankruptcy. You have the opportunity to plan your financial security and family’s well being right now.

estate planning

Begin Protecting Yourself

First assume a practical way of thinking about your financial future. Believe that you are at risk of facing a threat to you and your family’s financial security just like the rest of us. Second, speak with a qualified and experienced professional about your financial world. Then start planning to adopt a realistic protection plan that surrounds your assets.

Creating a skilled and well-defended financial security plan is legal and moral. Seeking professional assistance to protect your assets is a proactive measure to safeguard your financial future. Asset protection planning is just that, planning. Once you are in a situation that jeopardizes your financial security and your assets are at risk, it is a difficult starting point. Transferring your assets at that point can be challenged in court. There are still ways to protect yourself, mind you. But starting early is the key.

Spending several hours with a qualified planner could be the difference to weathering a legal storm. Odds are you will have a significantly better outcome than having no plan in place at all. Our professionals can provide you with information and assist you quickly. And typically it costs less than a two-week-long vacation for your family.

legal protection

Conclusion

Make your asset protection plan, fund your legal structures and establish ownership, properly and lawfully. Get the help of an experienced professional before legal duress arises.