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Asset Protection: Does it matter?

What Are Assets?

Even before you set up a business you’ve probably worked hard to build assets, like cash, real estate, investments, personal property like a car, boat, furnishings, jewellery, etc. You know that acquiring them has taken you lots of hard work.

But, there is nothing as painful as watching all your hard earned assets go down the drain because of something as simple as a law suit. To minimise the risk of losing your assets, it is important that you undertake steps that will help you to protect your assets. Asset protection should therefore be an essential part of your plans right from the onset as you build your asset portfolio.

What’s the most common mistake?

The most common mistake that most people do is to wait for too long or to not implement an asset protection strategy. They think of undertaking the asset protection planning when there is an anticipated lawsuit. Of course this only makes matters worse and in most cases it backfires.

To avoid this, make sure that you have an asset protection strategy and planning as early as possible.

There are many ways that can guarantee you the safety of your assets. Regardless of whichever way you decide to undertake your asset protection planning the foresight may be beneficial to your family for many generations.

What Is Asset Protection?

Asset protection is a well laid out plan that enables you to safeguard your hard earned wealth against any person or entity that could possibly lay claims against it. For example from a disgruntled customer, supplier or employee. Often, this is done by setting up the right structure for a business for example setting up a Proprietary Limited Company, converting the assets into a trust, and other strategies. This keeps the wealth out of the local courts jurisdiction.

The best way to maximise an asset protection planning is to make sure that you start the plan when your business is set up so that you are protected from the beginning. If you already have a business up and running we can look at the best structures and undertake a plan to protect you. To have a successful asset protection strategy and plan, you should be focused on your objectives. This means that you should be aware of what you want to achieve and what risks you may be exposed to. This will help you to come up with a unique asset protection strategy and plan that has been well thought out.

People have different goals, opportunities and assets. Because of these variations there is no single asset protection planning that will work for everyone. Leenane Templeton will work with you to evaluate all the factors and design a tailor made asset protection strategy and planning that will work for you.

Whatever your asset protection strategy, it is also important that you follow the law to ensure that your assets are safe and secure. This will give you peace of mind and help you avoid any inconveniences later.

Call Leenane Templeton today on 02 4926 2300 to discuss your asset protection plan.