Asset protection

Everyone has something to lose and, unfortunately, there are people out there who want to take it. Lawsuits are common, and they often result in people losing valuable assets as collateral for losing a suit. This is a major setback to your financial stability and your work toward reaching your goals.

Lawsuits can happen for a number of reasons. Regardless of the outcome, you should have the peace of mind that you won’t lose everything. This is where asset protection comes in.

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What is asset protection?

Asset protection often gets inaccurately lumped in with tax-dodging or defrauding creditors. These are illegal activities that are absolutely not a part of asset protection.

Asset protection is a valid type of wealth management that aims to protect you from losing your property to someone who has won a lawsuit against you. You might not have a career or position with which lawsuits are a big risk, but you are still vulnerable to lawsuits from negligible acts like car accidents or personal injury claims. In situations like these, you’ll need to have a plan in place to protect your property.

One important thing everyone should know about asset protection is that you need to start an asset protection plan now to have better results. You may not be able to legally protect your assets if you’re already engaged in a lawsuit or have lost one.

Asset protection planning

In asset protection planning, a ProVise financial professional reviews your assets and builds a plan to protect them.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can sit with you to evaluate your assets that may be vulnerable to creditors in a lawsuit. Once we have identified these, we will help you form a plan to potentially isolate your assets through the use of protected assets under the law, proper titling of assets, property and casualty insurance, etc.

As stated before, it’s important to form an asset protection plan before a lawsuit occurs. Any attempts to shift assets in anticipation of law suit, during a lawsuit or after you have lost one might be viewed as attempted fraud and is punishable by law.

How asset protection planning works

Asset protection plans are built primarily around two areas of finances:

  • Financial planning — You and a ProVise CFP® professional can review your short-term and long-term financial goals to determine your financial circumstances and how to prepare for the future. We personalize all financial plans to each client based on their needs and what they value.

    Once you have a financial plan that works for you, our CFP® professionals can review your assets and determine what is protected by law and what is not. We will use this information to help you potentially protect those that are not covered by law.

  • Estate planning — Life is full of surprises. Some of them are tragic, like death or loss of mental function. It’s best to have a plan for your assets in the event that you are not in a position to manage them. You want your heirs to be able to acquire your assets with as little trouble as possible and an asset protection plan helps.

    ProVise’s CFP® professionals can help you create an estate plan that includes asset protection to ensure your heirs can manage your assets without losing them to taxes, creditors or other interested parties.

We always follow legal practices when developing an asset protection plan for our clients. We do not illegally hide assets or funds from creditors or take part in unscrupulous activities.

Keep your assets safe with asset protection planning from a CFP® professional at ProVise

You’ve worked hard to accumulate your assets. It would be a shame to lose them in an unexpected lawsuit. Our CFP® professionals work hard to help keep this from happening.

Our team has over three decades of experience in developing financial plans for a variety of clients. We always personalize our plans based on values, goals and risk tolerance. We will provide a personalized financial plan for you at a fiduciary standard of care and offer an unconditional money-back guarantee. If for any reason you are not satisfied with the written plan, simply return it to us, and we will refund 100% of the fee paid. Once you’re ready to work together, we will create an implementation strategy and establish a monitoring system that meets your needs.

Are you ready to talk to a ProVise CFP® professional about keeping your assets safe from loss in a lawsuit? Contact ProVise today for a complimentary consultation.

MEET YOUR PROVISE TEAM

Our team at ProVise has decades of experience in helping hard workers like you to enjoy your lifestyle today and your retirement years tomorrow. For over 30 years, our clients have trusted us with their financial planning and financial assets.  

If you’re ready to begin living the life you want now and planning for your future retirement, it’s time to talk to a CFP® professional at ProVise. Contact us today to schedule your complimentary consultation.

Nancy Croy, CFP®

Executive Vice President

Debbi Shamley, CFP®, RSSA®

Financial Planner

Evelyn Sheridan, CFP®

Senior Financial Planner

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Financial planning is not one big thing…it is hundreds of little things™. We will walk with you every step of the way through investments, debt payoffs and everything in between to help you reach the financial goals that matter most to you.

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