Bear in Mind That Asset Protection Planning Does Not Wholly Replace Insurance

December 1, 2016

 

Asset protection planning is an important process that allows you to take all of your chips off the table while you are still in good times so that you are eligible to walk away from the table a winner, no matter what happens in less good times. 

Those individuals who worry the most about asset protection should be those who are most concerned about getting sued. Doctors and others with a high perceived value of wealth are at the most risk of being pursued because creditors believe that they have assets to attack. Bear in mind that asset protection planning should be approached comprehensively with the assistance of a knowledgeable asset protection planning attorney.

Asset protection planning in and of itself is not a complete replacement for insurance. It is a myth that asset protection plans will totally scare away plaintiffs. An asset protection plan also doesn’t cover your legal fees in the event that you do need to defend against a lawsuit. Insurance can assist to supplement your current asset protection planning goals and it can help you survive an allegation of fraudulent transfer.

In the event that you do become sued, the insurance company may pay to defend this and settle this since this is what you are paying premiums to have covered in the first place. To learn more about asset protection planning and how you can guard against problems in the future by taking action now, consult with an experienced New Jersey asset protection planning lawyer.

 


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Why Working with a Financial Advisor Still Matters in the Age of AI

Artificial intelligence is transforming investing—but human judgment, fiduciary responsibility, and personalized planning remain central to long-term financial strategy. Artificial intelligence is reshaping nearly every industry—including ...

<p>The post Why Working with a Financial Advisor Still Matters in the Age of AI first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

What Is an ID.me Account—and Why Business Owners and Families Should Consider Having One

Learn what an ID.me account is, how it works, why it can simplify access to government services, and how to set one up securely. An ...

<p>The post What Is an ID.me Account—and Why Business Owners and Families Should Consider Having One first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning

This Valentine’s Day, go beyond flowers and gifts. Learn how financial planning, estate planning, and tax strategies help protect the people you love most. Valentine’s ...

<p>The post Protecting Your Loved Ones: Valentine’s Day Lessons in Financial, Estate, and Tax Planning first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>