The most foundational level of asset protection is to plan for what will happen to your assets in the event of your incapacity or death because you are 100% guaranteed to have one or both of those happen to you.
If you become incapacitated or die without proper planning in place, your assets will get stuck in the court system, and could be delayed in getting to your loved ones’ or even lost. If you have not reviewed your planning for death or incapacity in the past couple of years (or ever at all), you will want to call us for a Family Wealth & Legacy Planning Session as soon as possible.
And, what about planning to protect assets from things that could happen during life, such as potential litigation, taking on too many debts, accidents or other mishaps?
First and foremost, buy insurance! Insurance can do two things an asset protection plan can’t: pay to defend you in the event a lawsuit is brought against you and pay to settle any lawsuits. Bottom line: insurance says I love you. And, if you need it, you’ll be glad you have it.
As part of your Family Wealth & Legacy Planning Session, we will look at the types and amounts of insurance you have, and determine what else may be needed, or if you are even over-insured.
If you have a business, make sure you’ve fully separated personal and business assets. And that you are using your business entity properly, to ensure that any business activities are kept within your business entity, and that you have us review any personal guarantees before you sign something that could create personal liability for you.
If you need more thorough asset protection, due to an upcoming marriage, or engaging in other risky behavior, please contact us sooner rather than later.
Asset protection cannot happen after something happens. It must be set up ahead of time to be effective, and so it must happen now, if you want to get set up right.
Protecting your assets takes know-how. If you’re ready to develop a smart asset protection plan, consider sitting down with a licensed Estate Attorney. As your Estate Planning attorney, we can help you with your asset protection planning needs. Our Family Wealth & Legacy Planning Session guides you to protect and preserve what matters most. Before the session, we’ll send you a Family Wealth & Legacy Inventory and Assessment to complete that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your family is taken care of.
This article is a service of Gratia P. Schoemakers, Estate and Business Attorney. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That’s why we offer a Family Wealth & Legacy Planning Session, during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today at 832.408.0505 to schedule a Family Wealth & Legacy Planning Session and find out how to better protect your family.