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Have you ever come across a beggar who was sued by a multinational company with a beefy lawsuit? We are sure not! After all, lawsuits are not compatible with those with limited assets and at the same time, it becomes a matter of concern for those with deep pockets. So if you fall in the league and have some substantial assets on your credit, then wait, you are highly recommended to learn about these winning asset management strategies. Consider all the main money movements and implement them in your professional understanding.
1. Know your insurance:
Insurance can be your first line of defense against any form of legal liability and litigation. If you are dealing with complex assets, be sure to increase the limits on your liabilities. For example, if you receive $5 million from a broker, ask your insurance manager to give you a $5 million liability policy.
2. Double check your decision to invest your savings in a joint account:
State law wise may differ in this case, but it is recommended to keep your assets separate if you have a joint account with your spouse or a business partner. If you wish to share ownership of windfall gains with your spouse, then you can discuss your special case with a recommended asset protection attorney.
3. Beware of tenants:
If you plan to invest your income in a rental property, be sure to create an LLC or a separate business entity to protect your assets. In case you are not doing this, you are indirectly giving an unwanted advantage to your tenants, who can then sue your rental property in any situation of discontent.
4. Turn your informal partnerships into legal businesses:
The risk of an informal partnership is somewhat similar to having a joint account. If you are part of an informal partnership, then you are also taking responsibility for your partner’s mistake. Protect yourself with a formal, legal partnership and define your limitations.
5. Create a shield for your assets:
Whether you’re running a small business or just a part-time commitment, take steps to convert it into a formal business entity so you can protect it against any legal claims. The legal experience can be a daunting experience…it can change your life like never before.
6. Understand the meaning of corporations:
You can divide corporations into two broad categories: 1) S corporations and 2) C corporations, which are taxed differently and have different restrictions when it comes to ownership. Corporations are the best and most excellent ways to protect your assets. There are some exceptions here that can cause you problems, for example, not paying payroll to the IRS, not separating your corporation from your personal assets, etc.
Your wealth is the result of your hard work, so never let it go in vain. Get in touch with the best asset protection services to learn more about winning strategies.