Wealth protection strategies may protect assets from lawsuits, creditors, costly divorces, and catastrophic losses. Our society is becoming increasingly litigious, with lawsuits becoming more prevalent. Risk exposure is higher for certain professions, such as doctors, lawyers, and business owners. Any wealthy individual, however, is at risk of losing money. Having worked hard to accumulate your wealth, you want to protect it from being unfairly taken from you. Therefore, here are some asset protection strategies you should be aware of.
Speak with your wealth protection attorney to ensure these strategies complement your long-term goals.
- Own only business entities with Limited Liability, such as Limited Partnership, Corporation, or a Limited Liability Corporation (LLC)
- Assets held in Qualified Retirement Accounts generally offer wealth protection
- Certain Annuities and Life Insurance offer differing levels of wealth protection depending on your state laws
- Homestead protection
- Liability Insurance for your particular insurable risk
- Titling accounts with Tenants by the Entirety
- A number of different trust types, both domestic and offshore, can be used for wealth protection. The most common type is a Lifetime Asset Protection Trust. It is a domestic irrevocable trust created during your lifetime that can be used to accomplish several goals.
Disclaimer: We are not licensed attorneys and this is information is not to be relied upon as legal advice. Please consult an attorney skilled in asset protection stratigies before taking any action.