Home / Lifestyle / Don’t risk your life savings! Learn to protect your assets

Don’t risk your life savings! Learn to protect your assets

For every 60 minutes you spend on making money, you should spend 60 seconds thinking about how to protect it.Miodrag Gajic

For every 60 minutes you spend on making money, you should spend 60 seconds thinking about how to protect it.

Everyone generally has the same goals to improve their lives: lose weight, eat healthy, spend more time with your children, etc.

What many people don’t consider is protecting everything they have worked so hard to acquire. One lawsuit could take away everything in the blink of an eye.

I am often asked, what is asset protection?

Asset protection is the legal process of titling both your personal and business assets to put them beyond the reach of future potential threats, creditors and liabilities, while simultaneously enjoying the benefit of your assets.

What we do as asset protection attorneys is help our clients protect any asset they own from any financial threat.

Our clients may be business owners, professional athletes or celebrities, a schoolteacher, or anyone who doesn’t want to lose what they have worked their whole life to obtain.

The type of assets that we help them protect might be checking accounts, savings accounts, stocks, bonds, brokerage accounts, money markets accounts, CDs, cars, boats, planes, membership interests in an LLC, shares in a corporation, primary residences, rental or investment real estate, ownership in a business, business assets, intellectual property, inheritances — .anything that has any value whatsoever.

We protect it against any and all financial threats including lawsuits, car accidents, slip and falls, short sale or foreclosure deficiencies, divorce, creditors, judgments, etc.

The trick is not making money, it’s keeping it!

You don’t want to be retired and backing out of your driveway and hit a bicyclist, or save up money for an investment property and someone slips and falls.

For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it.

We want to make it so difficult and expensive for someone to collect against you they don’t want to sue you in the first place.

You don’t want to be the low hanging fruit. You want as many layers, speed bumps and firewalls between the assets and the creditors. I call this the belt and suspender approach.

First of all, you need to make sure you educate yourself. You need to understand what tactics and techniques are available to you.

Next, inventory what you have. A lot of people have a lot more than they think they do. Assets are not limited to money in the bank, brokerage accounts, and real estate.

Start with a basic plan and add firewalls as needed. Protect your largest assets and most liability-producing assets first, and as your education and assets grow your plan can grow. This is not something that all needs to be done at once, but can be done overtime.

Hillel L. Presser, Esq., MBA, President of The Presser Law Firm, P.A., represents individuals and businesses in connection with the establishment of comprehensive asset protection plans that incorporate both domestic and international components. Hillel has authored several books on asset protection including the popular “Asset Protection Secrets (Revised Edition)” and “Financial Self -Defense (Revised Edition).”

For more DAILY VIEWS, The News’ new contributor network, click here.

Tags:
daily views

Lifestyle – NY Daily News

Twitter Auto Publish Powered By : XYZScripts.com
Read previous post:
22 people feared dead after army plane crashes in Ecuador

JUAN CEVALLOS/AFP/Getty Images President Rafael Correa’s official Twitter account expressed “deep sorrow” and said he was waiting for a full...

Close