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:
- 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.