We guard our assets because they are valuable to us. Asset protection is designed to guard one’s wealth and other resources that might be taken by creditors’ claims.
What does this mean for you? Your assets will be protected through legal practices without the disruption of fraud or concealment. While some assets are untouchable by creditors, such as retirement plans, not all assets may be protected depending on where you live since every state differs in policy.
The most common form of asset protection deals with property rights. If someone files a lawsuit against you, your property is protected in the event that you are sued after an offense, such as causing a car accident.
Asset protection is about guarding your wealth, your property, and determining who will inherit your resources. Therefore, asset protection affects not only you but also your family or beneficiaries.
Getting Started
Asset protection planning is a crucial step in preparing for your future. By securing your nonexempt assets, you can rest assured that creditors cannot touch them.
The best time to start planning is now! If you were to be audited by a creditor, you could not file for asset protection during the legal process. In other words, you must have coverage for assets before a claim comes against you. Creditors are protected by law against people who transfer their assets after a lawsuit.
This is why it is important to prepare for future financial decisions and create a set plan for your assets. Advisors like Vincent Colubiale will work with you to establish:
- Your financial goals
- A financial plan
- A retirement plan
- That all current and potential assets are covered
Don’t Wait to Start Planning
Asset protection generally takes some time to set up, so it’s always better to plan sooner rather than later. With Vincent Colubiale as your Wealth Strategist, your best interest is always a top priority.
To secure your financial resources for both you and your family, contact Vincent Colubiale today to discuss your asset protection plan.