All personal assets should be considered when you evaluate whether you need asset protection. Think about all the money you’ve been comfortably tucking into your savings and retirement. Think about the house you just paid off. Think about the paid-off car, too. Now, think about what is protecting your assets from unpredictable events involving creditors, divorce, lawsuits and judgments. Without asset protection, you’re money, lifestyle, and possibly retirement are at risk. Here is why you should get protection.
Overall, it’s Not That Expensive
Lawsuits can reach sky-high amounts and have the ability to wipe out the most comfortable millionaires if they have no asset protection. While asset protection can seem expensive, the cost of the plan shouldn’t be taken at face value. DoughRoller explains that a good CPA can lower the overall cost of the plan considerably with a write-off, which will save you a lot more in the long run. It’s an investment. Spending a modest sum now and an annual fee will protect your assets from potentially devastating losses.
Getting Sued is Common
According to Legally Mine, approximately 94% of lawsuits worldwide happen in the United States. American citizens can sue for a variety of reasons, and lawyers will encourage lawsuits to get their cut. Claims can range from hundreds of dollars to billions of dollars, and lawyer fees can stack up quite high as well. Make a risk assessment and determine if you are comfortable with so much risk exposure. Anything unprotected could be considered fair game for lawyers and individuals who are happy to sue.
Peace of Mind
You didn’t work hard to have your hard-earned money taken from you like a rug pulled out from under you. You worked hard to have the nice home and car you paid off and a hefty savings account. You have these things because you were smart about your wealth. You can continue to work and watch your assets build as you breathe a sigh of relief knowing that these assets won’t disappear in a legal storm, because you have asset protection.
All personal assets should be considered your property until you sell it, give it away, or become deceased. This is not the case with lawsuits, where property can be ripped away from you. Once you attain considerable net worth, lawsuits become more likely, and nobody can scoff at your net worth. But your assets and savings are something for which you worked hard and wisely, and something you don’t plan on losing to legalities. You know you can protect your home and savings from being taken from you with asset protection.
To help plan for a better financial future, let VP Credit Rescue help! We transform lives and get people on the path to financial freedom.