Protecting your assets should be at the top of your list today, especially with so many investors/creditors out there looking to take what’s yours, and willing to do that via any means necessary. This is where asset protection planning comes in.
If you don’t have anything similar in place, you’re taking a gamble on what you own. If you have something to protect, it’s important you have at least looked at asset protection planning as a way to keep your belongings safe. Here are a few of the rules when it comes to asset protection planning you should consider.
Start Planning Today
The best thing you can do is to start planning today–you just never know when a lawsuit will arise. This is, ultimately, the best piece of advice you can follow. Otherwise, you could be asset protection planning when it’s too late and you already have your final demands through the day. Protecting your assets early could be the difference in saving them altogether. Therefore, it’s important you get on the blower to your local lawyers to see what’s on your list of things to protect.
Contact the Professionals
There’s no better place to start in asset protection management than with the professionals by your side. This is especially important if you don’t have a clue what you’re doing to protect your assets. Get in contact with a reputable firm that can provide asset protection planning services. It might be a small investment that could be well worth its weight in gold in the future. Don’t take a gamble on your assets now when you can secure them today instead.
Don’t Think of Asset Protection as Insurance
Securing your assets now doesn’t play out as insurance in the future–it’s still possible to lose everything you own. Many planners see asset protection as insurance for when a lawsuit finally arrives. They believe that because they have such a plan in place, they’re going to be free of court fees and the like. However, that’s simply not true. You should always be prepared for a lawsuit and you should always have the capital available to see them through. Of course, you can invest in insurance for this exact purpose but asset protection isn’t for that purpose.
Don’t Have Too Much Control Over Your Assets
Some asset protection plans consider the owners to have too much control over their assets. This is a negative in one sense, simply because too much control can offer the creditors a way to argue that the protection scheme and the debtor are as one. Therefore, this gives creditors an argument in court (albeit it a poor one) but it’s simple things like these you want to avoid–you never know when they’re going to be costly.
As a rule of thumb, always hire the right law firms to give you the best advice regardless of how well equipped you are. There are always creditors one step ahead of debtors and so you should do everything in your power to ensure your asset protection plan is concrete.