Asset protection is a method of managing risks and protecting your assets from being part of a lawsuit. Because our society has become increasingly litigious, asset protection is more critical today than it used to be. Individuals in professions like medicine, business, or owners of rental real estate may have always been concerned with asset protection, but it’s now a topic of concern for other people as well and should be considered as a part of any comprehensive financial strategy. Some financial products may help meet your financial goals as well as provide some asset protection. The goals of an asset protection strategy include:
- Safeguarding assets
- Protecting your estate
The rules related to asset protection are specific to the state you live in. However, most states have laws that make it extremely difficult to prepare if creditor claims already exist. Preparing well in advance before claims arise is important. To begin, you should work with a local attorney with expertise in this area. You can also discuss the subject of risk management with your financial advisor as part of a comprehensive financial strategy.
Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Certain individuals associated with OMNI Financial Services are registered with and offer securities and investment advisory services through Securian Financial Services, Inc., (Securian) a registered broker-dealer and investment advisor, member FINRA/SIPC. Individuals registered with Securian are authorized to offer only those securities and investment advisory services that have been specifically approved by Securian. Additional information about individuals registered with FINRA can be found here. For information about which individuals associated with OMNI Financial Services are registered with Securian, as well as information about which securities and investment advisory services such individuals are authorized on Securian’s behalf, please contact Securian at 1-800-820-4205. OMNI Financial Services and Securian Financial Services do not provide specific tax or legal advice. Consult a qualified tax or legal professional regarding your individual situation.