Asset Protection

by | Oct 16, 2020 | Wealth Management

The American Bar Association published at the end of 2017 that there were 1.3 million lawyers in the United States.  That is one lawyer for every 300 people, the most per capita of any country in the world. Now there are a few more. In today’s litigious society, many of us may be concerned about keeping that for which we have worked so hard. 

What are some of the tools that you can use to protect and preserve your assets during your lifetime and maybe for your heirs also? There are simple and complex strategies.

  • Liability insurance for your home, cars, boats, and RVs are the basics.  Also, do not forget to buy umbrella insurance that ideally will cover your net worth.
  • You can protect your assets by putting them into Family Limited Partnerships and Limited Liability Companies.
  • Assets can be protected by pre-marital or post-marital agreements.
  • Retirement plan assets that are under ERISA are not subject to claims of creditors. 
  • IRAs are exempt from creditors in certain states or up to certain limits. 
  • Life insurance is also protected from creditors.
  • Gifting assets can offer protection for your heirs.  The best protection is in giving up complete control of those assets, but most of us are not willing or able to do that.

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*Please Note: Limitations.  The scope of services to be provided depends upon the terms of the engagement, and the specific requests and needs of the client. BFSG does not serve as an attorney, accountant, or insurance agent.  BFSG does not prepare legal documents or tax returns, nor does it sell insurance products.  Please Also Note: Different types of investments involve varying degrees of risk.  Therefore, it should not be assumed that future performance of any specific investment or investment strategy (including the investments and/or investment strategies recommended and/or undertaken by BFSG) or any financial planning or consulting services, will be profitable, equal any historical performance level(s), or prove successful.

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