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These Asset Protection Strategies Can Help You Protect Your Wealth

People with substantial assets, and those who are about to receive them, are wise to look for ways to protect those assets. Here are several asset protections strategies that can help you preserve your wealth:

Liability insurance increase. If you come into sudden wealth or have already accumulated it, you are a more likely target for a lawsuit, simply by the virtue of having wealth. You should have umbrella liability insurance coverage for an amount that is at least equal to your net worth.

Keep assets separate. Even though Florida is not a community property, it may be best to keep assets from an inheritance or business sale separate. In fact, if you mix inheritance assets with marital monies and later file for divorce, your ex could claim a portion of your inheritance. While this may not be an issue for many, it could be for some who have children from a previous marriage or those contemplating a divorce.

Review joint accounts. Any assets held in a joint account are at risk if the joint owner files for divorce or incurs a legal judgment or tax lien.

Formalize partnerships. Informal business partnerships can be recipes for disaster when it comes to asset protection. Form an LLC or other corporate entity to provide you legal protection for your personal assets.

Use corporate entities to shield assets. If you own rental property, you should create a LLC or corporation to protect your assets from unhappy renters. If you run a small business, create a corporate entity to keep your personal assets protected from legal action against the business.

Contact our Fort Myers estate planning law firm for a complimentary consultation on how we can help you with asset protection planning.
Categories: Asset Protection
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169