What Types Of Assets Can Be Protected?

The idea of acquiring and building assets is a popular one. Every working American desires to acquire assets and to profit from those assets. What many Americans do not think about, however, is how to protect those assets once they have been acquired. Assets can be lost through various means, including lawsuits, judgements and more. Taking the time to protect those assets may make them unattainable, however, so you keep them even if you do have a judgment levied against you. Protecting your assets can not only help you maintain a solid portfolio but it may also allow you to sleep better at night.

What Types Of Assets Can Be Protected?

As working people build their portfolios over a period of many years, typically, they tend to acquire different types of assets along the way. For many people, these assets may be limited to paper securities, such as stocks and bonds. Others may go a different route, however, and may look to build a portfolio of various assets that may include not only stocks and bonds, but also real estate, precious metals, businesses and more. An ownership in a business, for example, can provide the owner with reliable monthly income for many years and thus should be protected. The same could be said for an apartment building or other income-producing property. Getting the assets is only half the battle, those assets must then be protected. The various methods for doing so can be viewed online by visiting various money publications such as Forbes or by consulting with a professional estate planner.

What Do Assets Need Protection From?

Assets can be lost through a variety of ways. A lawsuit, judgment, alimony and more are all ways in which people can lose assets they have worked very hard to acquire. According to Investopedia.com,  asset protection is “A component of financial planning intended to protect one’s assets from creditor claims.” Both individuals and businesses can use asset protection strategies within the law to protect their assets from being accessible to creditors. These strategies may protect the asset from seizure, taxation or other loss and do so in a legal manner. They do not attempt to hide or conceal the assets but rather protect them using laws within the creditor-debtor framework. Asset protection is not only completely legitimate but is highly recommended for anyone with assets that can be valued and taken by creditors.

If you have worked hard and have acquired assets for your future, now is the time to take steps to protect those assets. A good, long-term estate planner can assist you with asset protection. These professionals can offer guidance on various protection methods and can help you execute once you have decided on a plan. Don’t wait. Explore your options for asset protection today. Call or visit us online at Daily Mills Estate Planning today to have your questions answered and to design a plan that works for you.