Asset Protection

Strategy. Protection. Solutions. For asset protection

As you build and grow your wealth, it is important to think beyond accumulation - and focus on protection. Asset protection helps safeguard what you've worked hard to earn from potential risks such as unexpected life events, creditors, and potential lawsuits.

Asset protection intertwines your financial goals and estate planning goals. Through financial planning you will know what assets you currently have and intend to acquire that will need to be protected. Estate planning will address who will manage your finances if you cannot do so yourself and determine who will receive what assets after you are gone.

What Does Asset Protection Look Like?

Asset protection and estate planning go hand in hand. The right approach depends on the type of protection you need and the goals you want to achieve.

Ask yourself:

Are you seeking protection from potential lawsuits or court costs?
Do you want to maintain privacy from public scrutiny or prying eyes?
Are you looking for ways to minimize taxes and preserve more of what you've earned?
Do you want to protect the beneficiaries who will inherit your assets?
Or do you need a combination of all the above?

No matter your situation, an effective asset protection plan considers your entire financial picture. Asset protection is not one-size-fits-all - it's a personalized strategy designed to fit your assets, your goals, and your family's needs.

For some, protection starts with properly drafted Wills and accurate beneficiary designations. For others, it involves creating and funding trusts - by retitling assets or updating beneficiary forms - to ensure that wealth is preserved and transferred smoothly, often outside of the probate process.

Build a Strong Foundation
When considering asset protection, every estate plan should begin with the basics - the essential legal tools that provide stability and certain protection no matter your stage of life. At a minimum, that foundation should include:

Powers of Attorney for both finances and health care, ensuring someone you trust can make important decisions on your behalf if you are living but unable to make them yourself.
A Will or Revocable Living Trust, which allows you to retain control over your assets during your lifetime, make updates to the document as your circumstances change, and clearly outline how your assets will be managed and distributed according to your wishes after your passing.

Once this foundation is built, you can "level up" your estate plan to include more advanced strategies such as irrevocable trust planning. Irrevocable trusts offer stronger protection from creditors and certain taxes, but you often relinquish control over the assets and the ability to modify the trust.