Protecting your assets is a strategy that many business people put in place. An asset protection strategy creates an opportunity to
structure your business and personal wealth in a certain way that will minimise risk for the future.
You have worked hard for many years, building up your business and creating an asset-rich life for you and your family. You do not want to have it all taken away in an instant! As a tradie who owns their own business, you have a range of obligations to your clients, your employees and your family. You also have an obligation to yourself to protect your assets. It is essential that you protect the assets that you have in your possession, whether you own them outright or have borrowed money to purchase them.
It is time to plan for the future, as any business owner or tradie is at risk of losing everything if something goes wrong. Planning to protect your assets before a problem arises, will help to prevent creditors from claiming your property due to a litigation dispute or as a part of having to repay a loan.
There are ways of being able to plan for the future to legally protect your assets in case one day you, unfortunately, experience a litigation scenario. It doesn’t matter how old you are, or how long you have been in business, the earlier you plan the better- because once an incident (that involves litigation) has happened you can no longer move your assets around to protect them from being used as part of a repayment - it is too late.
You may also think that you are covered via your business or personal insurances- however, there may be circumstances where your insurance does not cover you (this is where the fine print of those huge insurance statements kick in)- it could be an at-fault claim where your insurance won’t touch you or an incident that was out of your control.
Asset protection planning works in conjunction with your Financial Plan and your Estate Planning. Begin the discussion with your accountant today to discover how you can protect your hard-earned assets.
Just remember plan early in your business to protect everything you have worked hard for over the years. Give us a call today so we can guide you in the right direction to future proof your assets. We will make it as simple as possible for you.