Asset Protection
We know that the United States not only has the most attorneys in the world, (yeah like around 80% of the worlds attorneys) and has about 96% of the worlds lawsuits. 53% of all business owners in the United States have or will face at least one lawsuit in their business careers.
Asset Protection Planning
Welcome to the page that talks about the major benefits of asset protection. Now, I know what you’re thinking, “Why do I need asset protection? I’m not a billionaire superhero.”
But trust me, this is something that everyone needs to consider, whether you’re a big-shot CEO or a small business owner, to someone that has worked 20 years or more and acquired assets.
First and foremost, let’s talk about how this is the #1 thing the wealthy do PERIOD! Again do you think Bruce Wayne didn’t have his assets protected? You betcha he sure did. However, that doesn’t mean that his employees didn’t. The truth is, for anyone who has over $100,000 in assets (think if you own a home with $100k in equity) then you should look at proper asset protection.
Now lets not overlook the massive tax benefits. With asset protection, you can legally minimize your tax liabilities and keep more of your hard-earned money in your pocket through a variety of ways especially using the right type of Trusts and proper tax planning which is the #2 thing the wealthy do. This means more cash to invest in your business or to invest in other cash flowing assets which now you have to take more “Workcations or Work Vacations” giving you the ability to write off the majority of your workcation. And let’s be real, who doesn’t like the sound of that?
Look at you getting all educated, how fun.
*Its important for everyone to understand the Big Misconception about Trusts, Trusts are not only for the mega-wealthy, they can be for anyone who wants to avoid probate so that their families don’t suffer the wrath of the courts and they protect their assets from outsiders such as a Tennant who may slip and fall and come after you for all you got (which happens more than you would think.) Trusts can be a huge blessing when setup with the right Trust as not all Trusts are created equal. We like the Private Trusts and we have our very own unique Trust that is super awesome!
But that’s not all, folks. Asset protection also offers protection from creditors as well as lawsuits. You never know when someone might come after you with a frivolous lawsuit (these are happening around us all the time), or when a creditor might try to seize your assets. Asset protection can shield your personal and business assets from these kinds of attacks, keeping them safe and secure. That means more peace of mind for you, and less stress when it comes to dealing with legal headaches. I mean lets face it at least 53% of all business owners will face or have faced a lawsuit in their business careers. That could be you, but it doesn’t have to be.
And let’s not forget about the other benefits of asset protection. It can help you with estate planning, so you can ensure that your assets are distributed according to your wishes to the proper people all without having the courts dig into your family’s pocketbooks.This is another major benefit of Private Trusts. It can also help you to maintain privacy, so you can keep your personal and business affairs separate.
Did you know that Revocable Living Trusts are there to help eliminate probate, but you are still super exposed to lawsuits and creditors? Not to mention it’s tied to your Social Security Number and it’s 100% public knowledge. So when you pass, that all becomes public knowledge which now informs on every asset you have and whom it’s going to which now exposes your beneficiaries to be attacked. However, Revocable Living Trusts do have their place, but holding your big assets isn’t one of them. Private Irrevocable Trusts are a great way to start your planning, again each one of these trusts is written differently and can-do different things, so you want to make sure you get the best of the best specific to your and your family’s needs.
So, there you have it, folks. The major benefits of asset protection in a nutshell. Now, I’m not saying you have to be a superhero (Batman/Bruce Wayne) to take advantage of these benefits, but it certainly doesn’t hurt. Just remember, it’s never too early to start thinking about asset protection. So, don’t wait until it’s too late. Protect yourself and your assets today because tomorrow someone may be taking them from you.
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