Asset protection planning is an important step to take in safeguarding your hard-earned assets from being lost, inadvertently, because you overlooked something important.
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 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 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 lawyer. As your lawyer, we can help you with your asset protection planning needs. Our Family Wealth Planning Session guides you to protect and preserve what matters most. Before the session, we’ll send you a Family Wealth 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 Kundani Chang Khinda Wilson LLP. We are an award-winning law firm that specializes in business and estate planning for clients like you. The goal for every family is to stay educated on all topics like this, avoid probate, avoid estate taxes, and build a legacy for you and your loved ones. What sets our firm apart is that we build lasting, lifelong relationships with our clients. They rely on us to keep them updated, provide sound legal counsel, and be there for them immediately if any problems should ever arise. The best part is we don’t charge hourly fees to our families, so you never have to worry about speaking to us. If you’re ready to keep your family out of Court, contact us today to schedule an initial consultation or visit our website at www.kckwlaw.com.