It is vital as you build your wealth and assets to have a solid plan in place to protect what wealth you have amassed from liabilities and other threats. It is critical to begin planning asset protection before you ever need it. An experienced Tennessee asset protection attorney can review your situation and advise you on the best way to truly protect what you have.
Time is key though. If you wait to create a plan until a problem arises, it may already be too late. Your needs are dictated by what assets you have or what you plan on having. If you make a large income, you may create a trust to minimize tax liabilities or to pass an inheritance on while avoiding probate. If you are a small business owner, you will want to protect your business from any business liabilities in addition to protecting your personal assets from any issues relating to your business as well.
The reality is while many people know how to make money, few truly understand how to protect it well. You may need protection from lawyers, malpractice claims, creditors, former or current spouses, children and relatives, just to name a few. Think of asset protection as the most important form of planning and maybe your best possible investment.
One crucial step aside from putting your money in the right places, is keeping insurance to protect you in situations that may otherwise financially destroy you. Remember good asset protection planning is only the first step to protect yourself and is still no substitute for good insurance.
It is crucial to not only regularly review your policies but update them as well. You need to make sure your coverage limits adequately cover you and the deductibles are reasonable. You also should scrutinize your policies for loopholes. You want insurance coverage with a premium you can afford in order to transfer any risk you cannot afford.
An experienced Tennessee asset protection attorney can help you plan so you don’t get caught off guard and lose your financial stability. Call our offices today for a free, initial consultation.