The 3 targets your asset protection plan should be helping you aim for
Dec 04, 2021
Did you know that an important part of financial planning includes having a comprehensive asset protection plan? If you just thought, “What?” don’t worry, we’ve got your back. An asset protection plan is exactly what it sounds like — a plan designed to protect your assets, such as property and savings.
You do not have to feel like your assets are a target on your back. Here are three things your asset protection plan should cover:
1. An evaluation of your assets — Before you even work with your financial planner to develop an asset protection plan, you should have a solid understanding of all your assets. These assets should be categorized and protected in the proper manner. For example, personal assets belong in a trust while business assets are for business entities.
2. A plan that doesn’t depend on bankruptcy to help you out —If you get into too much financial trouble, you can always declare bankruptcy, right? Not so fast. While you used to be able to declare bankruptcy and maintain a good amount of assets, that is not necessarily the case anymore.
3. A clear understanding of your asset protection plan —Can you explain your target asset protection plan? Once you are done developing your target asset protection plan, try to explain it to someone. Can you share the details effectively and efficiently? If you cannot accurately explain what assets you have and how they are held or how they were transferred, you need to go back to the drawing board. It is easy for asset protection plans to get complicated. Make sure you have a solid understanding of your plan.
Talk to a ProVise CFP® professional about your target asset protection plan
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about your asset protection plan? Contact ProVise today to schedule a complimentary consultation.