Asset Protection
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Asset protection is a cornerstone of sound financial planning, offering a shield against potential risks that could threaten your wealth. By strategically safeguarding your assets, you minimize vulnerability to legal claims, creditors, or unforeseen circumstances. The benefits extend beyond preserving your financial well-being; asset protection strategies contribute to greater peace of mind and long-term financial security.
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Life happens. So in the case of an accident or an unforeseen event, you need to not only safeguard your balance sheet, but also ensure that all individuals involved are protected.
This is where umbrella coverage comes into play. If you have the proper amount of liability coverage in place, it ensures that the first source people turn to for compensation is the insurance company rather than your balance sheet.
The approach we take at Alliance Financial Group is twofold: protecting your assets and making sure others are not left in a vulnerable position.
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It’s going to be different for every client and depends on the type of assets the client holds. Some examples of asset protection strategies are:
Acquiring adequate insurance coverage for various aspects of life, including health, property, and liability.
Establishing a separate legal entity for conducting business, such as a limited liability company (LLC) or a corporation.
Trusts can provide asset protection by keeping assets out of an individual's personal name and shielding them from creditors or legal claims.
Taking advantage of homestead exemption laws available in some jurisdictions.
Contributing to retirement accounts, such as 401(k)s or Individual Retirement Accounts (IRAs), which often have protection from creditors and legal claims under federal and state laws.
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401(K)'s, IRAs, and our primary residences are creditor-protected. In the state of Florida, Cash Value Life Insurance and Annuities are creditor-protected. Talk with one of our licensed financial professionals to learn if your assets need protection.
Life is full of unpredictable twists that could potentially put us in the crosshairs of creditors. That's where asset protection comes in – it's all about minimizing the risk of losing your hard-earned assets when the unexpected hits. At Alliance Financial Group, we're here to have a conversation about smart strategies to safeguard your money and belongings from various risks, such as lawsuits, creditors, or other liabilities. Let's work together to secure your financial well-being for whatever life throws your way.
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