Asset protection – shielding wealth from lawsuits and other predatory attacks – can be one of the most critical parts of a sound wealth management plan. This critical area seems to be a high priority for many investors, but surprisingly seems to be frequently overlooked in financial plans.
Whether from lack of training or other reasons, many financial planners and advisors do not seem to focus on protecting against these dangerous risks that insurance may not cover. But without this valuable planning, circumstances beyond your control could wipe out a lifetime’s worth of wealth, with devastating impact on investors and their families.
Common mistakes
The wrong type of joint account can needlessly create huge risks and potential losses that can be completely avoided.
Some advisors may even shun asset protection planning even though it can dangerously increase their clients’ liability!
Never before has technology made it so easy for predators and their attorneys to profile wealth, target assets, and design strategies to take what is yours. Take the right steps before a threat, especially as strong protection can be simple, quick and inexpensive.
