Marks of a Good Asset Protection Plan
What does a good plan for protecting your assets incorporate? Apart from bank accounts and safe deposit boxes, you also need other tools for this. These would only be able to secure your assets from crooks and robbers. What do you do if something else happens – a liability claim forces you to part with your hard-earned money?
You need to get help from an attorney to know the right strategies and create a proper asset protection plan. Here are the characteristics of a good plan.
It is tailor-made for your needs. If two individuals have different amount and type of assets and associated risk, how could a single plan cater to both? You need a plan that considers factors like the category of asset, the quantity of asset, and the degree of risk.
It is on time. No plan could be a good success if there is a delay in its implementation. Whether you have assets worth $50,000 or $5 million, you need to protect it before there is any risk – like a litigant/creditor that comes after these.
It incorporates the right strategies. A simple trust arrangement may work in case you have comparatively less assets and risks. However, this would not be useful if huge property is at stake or you are in a high-risk business.
It covers all bases. Suppose you have liquid assets as well as real estate property. If you opt for a plan that protects the liquid assets but does nothing for the real estate ones, it is not a good one.
It ensures your control over the assets. Bestowing it upon a family member or putting it all in an offshore account almost always ends in a disaster. Consulting competent asset protection attorneys would help you protect it all without a hitch.
It is not too expensive. If all your money goes into the planning, what would be there to protect? While certain complicated strategies are a little expensive, it should not be something that you can hardly afford.
It adheres to the federal and state laws. If the strategies you are planning to use for protecting the assets are not legal, you may land up in serious trouble. This is the reason to get an attorney in the first place.
Now that you have a clear idea about what makes an asset protection plan a good one, go ahead, contact an attorney, and create the plan you need to ensure legal and ethical protection of your wealth.
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