If you don’t have your assets properly protected, you’re leaving yourself open to having them taken from you. Being sued in either a personal or professional capacity, or having a family law judgment awarded against you, can devastate you financially. But by getting the right advice and putting in place the right structures you can dramatically reduce the risks of potential creditors takingyour assets from you.

One method of asset protection is ensuring you have adequate insurance with the right public liability and professional indemnity for your business. Another is to ensure that your assets are beyond reach of any plaintiffs. This means divesting yourself of your assets or, better still, never owning the assets. Alternatively, you could own the asset but have another person have a prior right to them.

Clearly, the best way to determine this is by sitting down with a qualified advisor but here’s a rough guideline as to whether Asset Protection may be appropriate for you.

Are you:

• In a profession with a high degree of liability such as a doctor, lawyer or real estate developer?
• A debtor or guarantor?
• Facing a potential tax liability?
• About to receive significant wealth such as an inheritance through the sale of a business?
• In a position where the value of your home has been reduced to less than the amount of your mortgage?
• Having trouble meeting loan payments?
• Concerned about losing your job or business?
• Experiencing excessive credit card debt?
• Concerned that your retirement plan and investment portfolio has fallen to the extent that now your most valuable asset is your home?