We can integrate numerous tools and strategies into your financial plan to craft your asset protection. Your plan can include a legal will, beneficiary deeds, powers of attorney, an estate plan and a trust – all of which help you keep more of your hard-earned money and pass on more of your assets to your heirs.
This blog will inform you of five tips to get you started when you begin planning.
1) Who needs asset planning?
- Married Couples – the impact of divorce
- Parents with teenagers, children approaching marriage, and inheritance protection concerns
- Individuals with potential catastrophic health care costs
- Professionals in high risk lawsuit prone occupations
- Property owners
- Business owners
2) What is the first step in asset planning?
Making sure you are correctly using traditional insurance including auto, home, and life coverage, helps minimize risks.
A risk assessment will determine the exact risks to your accumulated wealth that traditional insurance cannot adequately cover.
3) What tools are needed for asset planning?
Asset protection uses a variety of legal and financial strategies to shield assets from potential claimants or creditors.
4) Is personal insurance needed?
Personal insurance should be part of any wealth management plan. One of the most effective tools for asset protection is a personal liability policy, which offers inexpensive protection against a range of personal lawsuits.
It’s in your best interest to take advantage of these “personal umbrella” policies.
5) Planning is Key
Asset protection is a critical part of a comprehensive estate plan.
The time to create an asset plan is before it is needed. Strategies to preserve wealth must be in place before that wealth is under attack by a creditor or plaintiff.
Seeking the assistance of a competent legal counsel and professional wealth advisors is vital to a successful asset plan.
To begin your own planning today, contact Mike Gann, Financial Planner, CSA (Certified Senior Advisor), and the team at Advantage Retirement at 417-893-7233, or visit our office at 3506 S. Culpepper Circle, Suite B in Springfield, MO 65804.