5 Dangerous Traps of Asset Protection​​​​​​​

5 Dangerous Traps of Asset Protection

https://www.genders.com.au/5-dangerous-traps-of-asset-protection/

Protecting your assets is one of the most important financial decisions you will ever make. No matter how many (or few) assets you have, you should make an effort to protect them. When planning for protection, here are 5 of the common mistakes people make:

  1. Lack of Knowledge

Lots of people misunderstand how asset protection works. Some people believe asset protection makes them “judgment proof.” Even if your assets are protected, you may still cop an adverse court judgment. In some cases, efforts you have made to protect your assets can be overturned. This is why it is important to work with a professional when creating your protection plan.

Starving Last in the Jungle | Genders and Partners | 7 Asset Protection Techniques

Protect your wealth – it’s a jungle out there

The benefits of Asset Protection and Planning

Starving Last in the Jungle | Genders and Partners | 7 Asset Protection Techniques

How many million-dollar lawsuits against homeless people do you hear about? None. That’s because lawsuits aren’t filed against poor people; they are filed against those with enough assets to make the expense of litigation worthwhile.

We all need to maintain an acute awareness of what can happen in ‘the modern jungle.’ None of us want bad things to happen to us and our families, such as bankruptcy, creditors, predators, gold-diggers, the ATO… but we need to keep our guard up against others who may not share our foundational assumptions of fair play and justice. Other, perhaps more aggressive ideologies, could run right over our sweet & trusting natures if we let them.

‘Asset Protection’ is about being prepared for possible outcomes (contingencies) and doing what you can to minimise the damage and prevent the worst outcome from happening.