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Asset Protection - Why is it Important?

25 September 2013

Asset Protection - Why is it Important?

Whether you are currently in business or starting a new business, entering into a new relationship or ending one or even watching your children do the same, it is never too late for you to consider the steps you can put in place to protect your assets for you and your family now and into the future.

Asset protection is all about planning.

Top 5 Tips:

  1. Start planning now – don’t wait for a relationship to break down or someone to pass away to address financial matters. The outcome is always preferable when plans are made by choice.
  2. Separate your business activities from your private/investment assets – by separating your business ownership from your private and investment asset ownership you can help protect your non-business assets from claims made by your business creditors should they arise.
  3. Take the time to understand your structure – it is important for you to understand how your structure works and where your assets are held. Ask as many questions as it takes and make sure your structure suits your needs and desires.
  4. Asset protection is not a substitute for insurance – you should review your personal risk insurance requirements on a regular basis regardless of how you are structured to ensure you are protected should a claim arise.
  5. Talk to an expert – it is essential that you talk to someone that understands your current situation, where you would like to be, what challenges you may encounter along the way and how best to protect your assets during your various life stages (both personally and professionally).

For more, contact Isabel Tiago on mb: 0439 002 412 or at isabelt@davidsons.com.au

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