Getting insurance is one of the most affordable forms of asset protection. It is simple to do and you can never have enough. Insurance is there to protect you from losses you and your business would not be able to withstand. You can never have enough, but many peope don’t realize how much they really need in any given situation. It is crucial to review this at least once a year even if you don’t feel anything has changed.
Utilize Statutory Protection Laws
Many laws that are already in place help maximize your benefits and minimize your own personal risk. For example, real estate owned by husband and wife as tenants is except from the separate creditors of each spouse. Additionally, life insurance benefits passing to a surviving spouse or child passes free of creditor’s claims as well.
Self-Settled Asset Protection Trust
In Tennessee, an individual can create a self-settled asset protection trust, meaning he or she can create a trust which they have control over many of the aspects and they also are the beneficiary of the trust.
Planning To Incorporate
Incorporating your business can protect your personal assets from many liabilities. For example, by forming an LLC, your business liabilities are separated from your personal liabilities and assets. This means creditors cannot go after your house or car for a business debt unless it was specifically put up as collateral.
Asset protection is crucial for any business, especially small businesses. Call today to speak with Burkhalter & Burkhalter and find out how we can help you have a secure future.