If you’ve put together a little bit of money, or you have a regular stream of income, it’s reasonable to be concerned about protecting those assets from lawsuits or other types of liability. Today, John explains some of the simple steps you can take to put some protections about the money that you have.
First, consider what type of liability you might face. Second, consider what assets might be at risk. Third, check out your insurance coverage. Fourth, separate your business assets from your personal property, and figure out the right tool for each object.
- What assets or income are protected
- How your insurance coverage factors into the decision
- Different strategies for business vs. personal assets
- How a revocable trust doesn’t provide protection
- How Delaware changed the rules
- Bonus: John explains the history of trusts – using Devin in his story
John points out that asset protection is a very specialized field of law, and laws vary from state-to-state. If you are considering taking steps to protect your assets from liability, be sure to use the services of a lawyer who specializes in asset protection and understands the laws in your state.
Resources mentioned in this show:
Enter the Echo giveaway at www.bigpictureretirement.net/echo
Devin and John’s free ebook: www.bigpictureretirement.net/steps
Don’t forget to subscribe to the show, and leave a rating and a review!
Once a month, Devin and John answer listener questions. Send your questions to firstname.lastname@example.org. Devin and John can’t answer every question on the air, but select questions that will provide information useful to the most listeners.