Protect Your Assets From Lawsuits

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Adrian Nenu
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Joined: Thu Apr 12, 2007 6:27 pm

Protect Your Assets From Lawsuits

Post by Adrian Nenu »

http://www2.tbo.com/content/2007/oct/21 ... news-money

We concentrate on accumulating and growing assets but often forget about protecting them from lawsuits.

Adrian
anenu@tampabay.rr.com
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Rick
Posts: 332
Joined: Sat Apr 07, 2007 2:28 pm
Location: North East

Risk Management

Post by Rick »

Good article, but it seems only to scratch the survace of asset protection. Seems to me that a comprehensive financial plan should include an exposure analysis and risk management strategies. Not sure if this is typically done in the CFP standard process.

Rick
"Money doesn't grow on fees." "Money in motion-costs money"
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Robert T
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Asset protection

Post by Robert T »

.
Interesting article and it raises an important point about asset protection/safety nets. IMO here are some important aspects to consider:
  • 1. Life insurance (to cover at least mortgage debt pay-off, education costs of dependents, and any estate taxes)
    2. Estate planning (wills and trusts)
    3. Health insurance (and get out and exercise…)
    4. Disability insurance (short and long term)
    5. Personal umbrella liability insurance
    6. Long-term care insurance (for those in mid-50s to mid-60s)
The impacts of a death in the family, serious illness, disability, or as is the focus on the article, lawsuits can wipe you out. These are significant event risks that no asset class can protect against (not even commodities:) – the above listed insurance policies can provide some protection against them but hope they don't occur and no one has to collect.

Jane Bryant Quinn’s book “Smart and Simple Financial Strategies for Busy People” has excellent coverage of these issues and was a helpful guide to us on each of them.

Robert
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