Protecting your assets isn’t just for the wealthy – it’s for anyone who has worked hard to build something worth keeping. Asset protection planning ensures that everything you’ve earned and built is safeguarded from unnecessary loss, whether that’s due to incapacity, death, or unexpected life events.
Start with the Basics: Planning for Incapacity or Death
The most important part of asset protection is preparing for what happens if you become incapacitated or pass away – because, at some point, one or both of those events will happen.
If you don’t have a plan – or if your plan hasn’t been reviewed in several years – your assets could end up tied up in court. That means unnecessary delays, added expenses, and possibly even losses that could have been prevented. Without proper planning, your loved ones could face months of stress just to access what you wanted them to have.
Having an updated plan ensures your assets are protected, your family stays out of court, and your wishes are carried out smoothly and efficiently.
Protecting Against Life’s Unexpected Risks
Beyond planning for incapacity or death, it’s equally important to protect your assets while you’re alive. Accidents, lawsuits, and unexpected financial challenges can all put your hard-earned wealth at risk.
The first line of defense? Insurance.
Insurance is one of the simplest and strongest forms of protection. It not only helps cover the cost of legal defense if you’re sued, but it can also pay for settlements or damages. Think of insurance as your financial safety net – it’s your way of saying “I love you” to the people who depend on you.
During your Life & Legacy Planning Session, we’ll review your insurance coverage to make sure you have the right types and amounts of protection – or determine if you might be paying for more than you need.
If You Own a Business
If you’re a business owner, it’s crucial to separate your personal and business assets. This means using your business entity correctly – keeping finances separate, following proper business formalities, and reviewing any personal guarantees before signing anything that could make you personally liable for business debts.
If you’re unsure whether your current setup truly protects you, we’ll review it together. Even a small oversight could expose your personal assets to unnecessary risk.
Planning Ahead Is Key
True asset protection has to be done before something happens. Once a lawsuit, accident, or dispute arises, it’s usually too late to shield your assets. That’s why the best time to plan is now – before you need it.
If you’re planning to get married, starting a new business, or taking on new financial risks, now is the perfect time to make sure your assets are protected.
Your Next Step: Create a Comprehensive Asset Protection Plan
Protecting your assets takes the right strategy and professional guidance. As your estate planning attorney, I can help you design a plan that keeps your wealth safe, your loved ones protected, and your legacy secure.
During your Life & Legacy Planning Session, we will:
- Review your assets and financial picture.
- Identify areas of potential risk and exposure.
- Evaluate your insurance coverage and asset structure.
- Ensure your plan is designed to keep your assets protected now and for years to come.
Before your session, you’ll complete a Life & Legacy Inventory and Assessment Worksheet, which will help you take stock of what you own, clarify what’s most important to you, and identify what needs protection.
With the right plan in place, you’ll have peace of mind knowing you’ve done everything possible to safeguard your hard work – and your family’s future.
At Cheever Law, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a no-obligation 15-minute introductory phone call today.