You are a business professional who is building your wealth portfolio, seeking to leave a legacy for your heirs. However, one day, your teen son vandalizes the local liquor store, causing thousands of dollars of damage. In addition to facing criminal charges, the owner threatens to sue with the help of criminal lawyers, possibly jeopardizing all of your hard-earned assets. Since your child is a minor, you would take responsibility for the actions and liability. Or let’s say that your adolescent decides to take your car for a joyride, crashing the vehicle into a storefront at the strip mall. What kind of financial exposure do you face? Could you be a target for a lawsuit or litigation and have to hire criminal lawyers Melbourne, placing your entire portfolio be at risk?

Protecting Yourself Against Asset Loss

The American Society For Asset Protection protects clients who worry about the risk of possible exposure. They work with professionals, helping them restructure their assets to avoid tax penalties while safeguarding their wealth. Fathers especially need to focus on protecting their assets so that they can pass on an inheritance to their heirs.

The Purpose of Asset Protection

Before you had a family, you could think about yourself without concern for other responsibilities. However, once you marry and have children, you naturally desire to protect them as you reevaluate your priorities. Asset protection allows you to do just that, giving you the peace of mind that you need to know that your hard-earned assets are secure. Asset protection offers the following:

Review Asset Protection

If you are uncertain about finding a great way to protect yourself, review asset protection plans for scams. Some scams could leave you exposed financially. Even worse, you could inadvertently face criminal charges.

While you need to be aware of possible scams, do not assume that every asset protection business in the industry is crooked. For example, the American Society For Asset Protection has earned positive reviews after working with professionals across the nation. Their company allows you to work with an attorney who understands your field. With the help of family law professionals, like solicitors in Chester, they provide you with personalized counseling, helping you reduce the amount of time that you spend on paperwork. Instead, you can focus on your priorities – your business and spending time with your family. Estate planning attorney companies helped some people out on their assets, but I still need to read more on it first.

Myths about Asset Protection

  • Many business owners believe the following myths, putting them at further risk.
  • It’s best to set up your business not as a company but as a sole proprietorship.
  • If you do set up your business as a corporation, you are protected.
  • My own lawyer can establish asset protection for me – He or she likely does not know all of the nuances of the laws involved.
  • If you have liability insurance, you are protected – Talk to us to find out how liability insurance might make you a target. If you need more questions about insurance, make sure to only consult reliable professionals like Sanford Insurance Agency.
  • You will never be sued – The question is not if you will be sued but when.
  • You can protect your assets by putting them in your spouse’s name – Doing this only transfers vulnerability to them.
  • It’s impossible to protect yourself 100 percent.

Important note: Having a business attorney you can trust can pay dividends in the long run especially when your business is in troubled waters.