How to Protect Your Assets with the Wealth Preservation Fortress®
An excerpt from “Building Your Wealth Preservation Fortress®” by Alexander John Hay:
Although many people do not like to think about asset protection planning any more than they want to think about estate planning, the two are both very important and are related. Estate planning generally deals with how best to distribute your assets after death, asset protection planning has more to do with making sure you and your family get to keep what you have acquired now. This sounds simple enough, and often does not involve a great deal of effort to insure that your assets are safe and sound. However, in most cases people do not want to think about all the possible things that could cause them to lose everything they have worked so hard to create, and thus they often do not think about taking simple measures to preserve their assets from obvious and clear threats until it is too late.
The Reasons You Should Worry About Asset Protection
We live in a dangerous world, and our lives are punctuated by situations where we become liable to others for damages that may be beyond our ability to pay or otherwise resolve. A brief and non-exhaustive list of situations which often result in liabilities that destroy assets and wealth:
* Simple business transactions that have been entered into time and time again without problem can become typhoons of financial destruction due to changed conditions outside our control.
* Errors in judgment regarding simple matters that seem unimportant at the time.
* Mistakes committed by family and/or friends (or perhaps even by us).
* Family problems.
* Driving an automobile (even when we are insured and “protected”).
* Business transactions with trusted friends executed with a handshake.
* Bad luck.
It is very important that you review the possible risks you face in your personal and business life. Once this is done it is possible to determine what actions you need to take in order to protect your assets and insure that you and your family are protected. Not everyone is the same. Not everyone needs the same level of protection. It is for this reason that I have designed the Wealth Preservation Fortress®…
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