In business, I look for economic castles protected by unbreachable moats. – Warren Buffet
Since the divide between the haves and the have-nots keeps widening, and we are by far the most litigious society on the planet, the concept of asset protection is essential. That could mean raising liability coverage on your home, auto, and umbrella insurance, it can entail very intricate trust planning strategies, or it can even mean choosing certain account types that have inherent creditor protection afforded to them by state and federal governments.
How do you think OJ was able to be golfing in Florida despite the multimillion dollar judgment against him?
The level of protection will vary depending on the state and the account type, but this is one aspect to consider when balancing your wealth building. Another defensive facet to consider is contingency planning. Oftentimes our clients have a strong steady income and a growing asset-base where, so long as nothing catastrophic happens, they’ll have the game won. Layering in certain insurance products can protect against the loss of a major breadwinner’s income due to death, disability, or a long-term chronic-illness.