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Why create an asset protection plan?

You’ve been working for a long time, and retirement is now on the horizon. You’ve accumulated many assets and you may be wondering what you can do to protect them. With an asset protection plan, you can prevent someone from taking your property if they win a lawsuit against you.

How to protect your assets

Creating an asset protection plan helps protect your assets. This plan involves working with assets that a creditor could claim in a lawsuit, called nonexempt assets. The planning process transfers these assets into exempt assets, which are assets that creditors cannot claim.

Protecting your assets may sound like a good idea to consider, but it’s important to plan ahead. Once someone files a lawsuit it is unlikely you’ll be able to protect the assets they’re looking to claim.

Two of the main types of goals regarding asset protection planning are financial and estate planning.

Outlining financial goals

Calculating your financial status can help you plan for your and your family’s future. Determining the amount of money you’ll need to retire and what you will pass on to your heirs will help you establish a financial plan.

Once you make your financial plan, it’s time to review whether your assets are exempt from creditors. You could work with a lawyer to help position your assets so they are protected.

Estate planning

Once you know your net worth, making an estate plan is logical next step.

The plan could include:

  • Who would take care of your minor children if you die
  • The distribution of your assets after your death
  • What would happen if you became mentally incapacitated

Protecting your future

You care about your family and want the best future possible for them. Making an asset protection plan will help ensure that your family and finances will continue to thrive in the event of a lawsuit.

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