Asset protection planning is an important step to take in safeguarding your hard-earned assets from being lost, inadvertently, because you overlooked something important.
The most foundational level of asset protection is to plan for what will happen to your assets in the event of your incapacity or death because you are 100% guaranteed to have one or both of those happen to you.
If you become incapacitated or die without proper planning in place, your assets will get stuck in the court system, and could be delayed in getting to your loved ones or even lost. If you have not reviewed your planning for death or incapacity in the past couple of years (or ever at all), you will want to contact us for a Family Wealth Planning Session as soon as possible.
And, what about planning to protect assets from things that could happen during life, such as potential litigation, taking on too many debts, accidents, or other mishaps?
Purchase insurance
First and foremost, buy insurance! Insurance can do two things an asset protection plan can’t: pay to defend you in the event a lawsuit is brought against you and pay to settle any lawsuits. Bottom line: insurance says I love you. And, if you need it, you’ll be glad you have it.
Create the right business entity
If you have a business, make sure you’ve fully separated personal and business assets. And that you are using your business entity properly to ensure that any business activities are kept within your business entity.
Be proactive
You might need more thorough asset protection due to an upcoming marriage or if you're engaging in other risky behavior.
Asset protection cannot happen after something happens. It must be set up ahead of time to be effective, and so it must happen now, if you want to get set up right.
Protecting your assets takes know-how. If you’re ready to develop a smart asset protection plan, consider meeting with us. We can help you with your asset protection planning needs. Our Family Wealth Planning Session guides you to protect and preserve what matters most. Before the session, you'll complete a Family Wealth Inventory and Assessment that will get you thinking about what you own, what’s most important to you, and what you can do to ensure your family is taken care of.
This article is a service of the Law Office of Keoni Souza, LLC, an estate planning law firm in Honolulu, Hawaii. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That is why we offer a Family Wealth Planning Session, during which you will get more financially organized than you have ever been before and make all the best choices for the people you love. You can begin by contacting our office today to schedule a planning session and mention this article to find out how to get this $750 session at no charge.
Disclaimer: All information on this website is for informational purposes only and is not legal advice. You should contact an attorney trained to work with families on estate planning matters regarding your specific situation. Use of and access to this website or any of the email links contained within the site do not create an attorney-client relationship between the Law Office of Keoni Souza, LLC, and any users or any other party.
