Read. Listen. Watch.
This month I want to focus on asset protection, the exploitation of the legal system as a means to sue and seize your assets. The following three resources introduce this often-overlooked aspect of your financial plan.
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- Read: Michele Williams, author and Certified Financial Education Instructor, wrote a brief book titled Asset Protection for the Rest of Us, priced at $2.99 for Kindle readers. It is an easy-to-read layman's guide for any individual, family or small business owner who is interested in protecting their assets from lawsuits. The book introduces the concept of asset protection and was written specifically for those who may not have a net worth in the millions; however, they aspire to keep and protect what they have earned.
- Listen: In this first of a series of ten podcasts, Joshua Sheats discusses the various ways in which you should consider the term "asset protection planning." Specifically, he asks two questions: 1) What assets do I have that I care about? and 2) From what risks should I protect those assets? If you think about those questions carefully, you will be able to coach yourself to the right solutions, solutions that may vary considerably. If you broaden the scope of the term "asset" and then apply yourself to imagining the various risks those assets face, you can come up with ways to protect yourself and your assets, no lawyers needed.
*Note, the content is quite good but the first ten minutes are a ramble of political views that are not necessarily endorsed by us.
- Watch: An undervalued policy that everyone should have is a Personal Umbrella Policy (PUP). A PUP supplements other forms of insurance with extended coverage limits that start at $1 million. In addition, personal umbrella insurance covers other forms of liability, such as libel and slander, that policies like homeowners or auto insurance do not. Watch here to further your understanding.
You can click on the links below to access this month's resources. Thanks for reading, listening, and watching!