Asset Protection Planning

Personalized Asset Protection Planning

Most people wouldn’t dare to go without health insurance for fear of catastrophic financial consequences, yet so many fail to protect their assets from the countless other situations that could have the same result.

Without the right asset protection planning, an unforeseen event could wipe out everything you’ve worked so hard to accumulate, just like a medical emergency could drain your savings if you don’t have health insurance.

So what does an asset protection plan accomplish?

Here’s Why Asset Protection Planning Is So Important

An asset protection plan ensures your assets are yours to keep, and that gives you substantial leverage should you ever need it.

Without proper asset protection, you’ll leave your hard-earned assets up for grabs in situations including:

  • Accidents and injuries on your property
  • Car accidents
  • Tax or debt collections
  • Lawyer fees
  • Lawsuits against you as a sole proprietor
  • And so much more

But asset protection isn’t a one-size-fits-all plan. There are several ways you can keep your assets secure.

Different Types of Asset Protection

Depending on your unique financial situation, you may not need all these protections, but some of the most common are:

       1.   Liability insurance

       2.   Declaration of homestead

       3.   Dividing assets between spouses

       4.   Transferring ownership to a Trust, other family members, or an LLC

       5.   Using 529 plans for children or grandchildren


So how will you know which one(s) to start with?

We Can Help with Your Asset Protection Planning

Here at Castle Wealth Management, our goal is to help you understand the seemingly complex topics of asset protection better so you know how to protect yourself.

We’ll help you determine the right insurance to meet your needs. We’ll also assist you in working with an agent and reviewing the policy to make sure you’re receiving the right coverage for a fair price.

And for clients who may benefit from using trusts, we’ll show you how these can be used to protect your assets further. If a trust is an option for you, we’ll help you find an estate planning attorney who you can work with to draft the necessary legal documents. And before you sign any trust draft, we’ll review it first so you can feel confident you’re making the right decision.

We always aim to keep an open line of communication with your attorney (and other financial professionals) so each side can share pertinent information and provide you with the best service possible.

To get started with an asset protection planning meeting, visit this page or give our team a call at (561) 686-9604 today.

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