14 Essentials to Consider for Good Asset Protection Planning

When it comes to asset protection planning, it’s crucial you have a solid understanding of the basic elements you need to have in place. Here is a list of 14 essential considerations to help you feel confident about your protection plan.

  1. Do something today. Don’t wait until the loss has already happened.
  2. Be realistic about the possibility of exposure and about the effect that a six or seven figure judgment would have upon the financial planning you have in place.
  3. Have top council in place in three core areas: asset protection, financial planning, and financial management and accounting.
  4. Use the right tools. Specifically, be wary of promoters and do it yourself kits.
  5. No, Nevada Corporations do not work.
  6. Maintain a legitimate business purpose for all legal tools.
  7. No, transfers to a spouse, child, or relative are not effective.
  8. Just an S Corp. or an LLC is not enough.
  9. Get professional, individual help.
  10. The legal tools used are typically tax neutral. The purpose of asset protection is not to hide money.
  11. Don’t forget about income and receivables. Protect the source of your wealth.
  12. Do not draw liability in; don’t escalate your value as a target.
  13. Have adequate levels of insurance.
  14. Protect your credit is one of the most enduring and valuable assets.

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Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. None of the named entities are affiliates of NEXT Financial Group, Inc. Neither NEXT Financial Group nor its Representatives give tax or legal advice.