Asset Protection Planning
What is Asset Protection?
The Importance of Asset Protection
Asset protection involves managing risk and protecting assets from inhibitors to building wealth, such as lawsuits, taxes and market volatility. Given that our society has become increasingly litigious, asset protection strategies have become increasingly important. Many factors must be considered and the strategies used must be fluid to account for changes in your life and changes in the law.
The goals of an asset protection strategy include:
To promote settlement of creditor lawsuits
- To safeguard assets from seizure
- To protect your credit and reputation
Whether you’re a physician, dentist, high net worth individual, corporate executive, or business owner, you’ve worked hard to accumulate wealth that deserves to be preserved for the long term. How you title your home or the type of business entity you create can impact the protection of your assets. At Northbridge Financial Group, we have many years of experience consulting with outside legal professionals to integrate asset protection strategies into the comprehensive and customized financial plans we create for our clients.
Sources of Liability
What Types of Liability Do You Face?
Understanding how risk may affect your financial plan, what liability you currently face, and which strategies can be used to protect your assets is at the core of our work. No one is immune from litigation, and physicians, along with other high net worth individuals, are often targeted. Our goal is to identify investment and insurance strategies that help you pursue your financial goals and also provide some protection from creditors and litigation.
Some Common sources of liability include:
- Professional Liability
- Motor Vehicle Liability
- Premise Liability
- Real Estate
- Contract/Lease – Personal Guarantee
- Entertainment Liability
It pays to take the necessary steps to protect both your personal and your business assets. Our team stays informed on the latest changes to financial, tax, and estate law in order to keep your plan relevant.