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.

If you would like to learn more about this subject or receive a free quote then please contact us and we’ll be happy to help.

By Anthony C. Williams, CWS, ChFC, MRFC, CLU | Investment Advisor Representative | President & Founding Partner of Mosaic Financial Associates & Orthopaedist Advisory Group | Securities and advisory services offered through Cetera Advisors LLC, Member FINRA/SIPC, a broker/dealer and a Registered Investment Advisor.  Cetera is under separate ownership from any other named entity.