Updated January 12, 2021
Protecting your family can be one of the most stressful tasks you face in life, especially if you have a troubled child. If your teen has found him or her facing legal problems because of unruly behavior, you may suddenly be open to a world of court battles. When it appears that the law is preparing to threaten you and your family’s future, it is time to make sure they are safe with asset protection.
Are Your Assets Legally Safe?
Even though you worry about your child’s health and well-being first, in the event of legal problems arising because of their actions, the rest of your family may become vulnerable too. If a supposed victim decides to hold you or the child financially responsible for damages, then all your assets including savings, home, and business are up for grabs. Are you prepared for that situation? Are you ready for lawyers to try and take everything you have built for your family? Before there is blood in the water, start taking steps to protect the fruit of your labor.
Consider Your Asset Protection Options
Now that you recognize the threat, it’s time to consider the options. Thankfully, a variety of insurance policies and legal entities can provide what you need – sound financial protection and peace of mind. Unfortunately, neither insurance nor said entities alone are sufficient to block all liability threats; a combination of both though will work. Depending on your circumstances, an attorney may recommend several protection plan options. A few options to consider (when getting the process started) include:
- Living Trust
- Children’s Trust
- Family Limited Partnership
- Irrevocable Life Insurance Trust
- Land Trust
- Qualified Personal Residence Trust
The best option though is to get in contact with an asset protection attorney immediately and start weighing your options. Setting up a meeting and putting together a plan can never be done early enough. There isn’t much you can do though once your assets are threatened. Be ahead of the curve and contact us today to start protecting all your assets now so your family never has to worry.
Free Strategy Session with an Anderson Advisor
Receive a detailed risk assessment to assist in lowering problem areas that could wipe out all of your assets with one wrong move. Speak with an Anderson Professional Advisor to get your FREE Strategy Session. Limited-Time offer: FREE (a $750 value.)