4 Best Way to Protect Your Assets
You’ve worked hard to acquire your assets, now it’s time to make sure they’re protected so they won’t be vulnerable to loss. Here are the four best ways to keep your assets safe, while minimizing the time spent on the process.
Hire a Professional
Unless you have a background in asset protection it’s a good idea to get an expert opinion on what to do. Get multiple opinions, but in the end you should make the final decision based on what you’ve heard. After all, they’re you’re assets and no one knows them better than you, so you’ll know what feels right and what doesn’t when it comes to protecting them.
Professional firms will help protect your assets in a legal and effective way, taking much of the guesswork out of the problem and letting you focus on what you do best. Remember to delegate, and don’t feel like you have to do every task for your business, especially if it’s not your forte.
Create a Corporate Veil
One way to keep your assets secure while still having complete control of them and decreasing your personal liability is to create a company or a portfolio of companies that hold your assets. You may have heard the term “piercing the corporate veil”, which is when attorneys try to get through the business blockade and hold the owners or shareholders personally accountable.
This process can be time consuming to set up initially, but once it’s in place the benefits can last for years, even making it easier to pass things on to your heirs. The annual paperwork is worth the benefits it provides, and is something to look into if you haven’t used this type of strategy before.
Properly Insure Your Assets
Asset insurance is something to strongly consider, and knowing all of your different options is important. Uncovering possible gaps in your insurance coverage can mean the difference between being fully protected or having your personal assets be subject to a lawsuit.
Since being over insured can cost you in the long run, it’s all about getting set up with the right amount of coverage based on your needs. If the amount of assets you possess makes it hard to figure out how much insurance you need, make sure to sit down with a specialist and have them do a proper audit to turn up any shortages.
Carefully Consider Each Of Your Accounts
Go through each of your accounts and determine which asset protection strategy is best for each one. There’s no blanket answer when it comes to keeping things as safe as possible, and what applies to one type of asset may not apply to the next. Getting a good accounting of all of your different assets, the potential vulnerability of each one, and the best course of action to take can bring massive peace of mind.
The time spent contemplating your asset protection needs can be worth millions, and can mean the difference between stressing out when something bad happens, or feeling calm and collected knowing things are going to be alright no matter what.