No one wants to work and invest for a lifetime only to have it taken away through lawsuit, creditor’s lien, or IRS penalties. As a valuable tool, Asset Protection requires very careful and deliberate planning to ensure maximum security for your hard-earned wealth.
Although potentially a rather complex topic, Asset Protection incorporates several ways to protect yourself and your wealth:
Insurance provides a great way to cover yourself from various liabilities, especially umbrella coverage policies. Make sure to sit down with your trusted insurance agent and discuss what such a policy could do for you!
Accounts held in Joint Tenancy with the right of survivorship can act as a double-edged sword. Although these accounts may help to avoid the probate process, both parties to the account are held completely liable for the other’s actions (or inactions). For instance, if you have a joint-tenancy bank account with a sibling, a lawsuit against either you or your sibling will leave your jointly held account at risk!