A common misconception clients have is that they must be wealthy in order to benefit from the financial planning and asset protection strategies we offer. However, people of all income levels can benefit from learning about financial preparation. We’ve put together this guideline to help you understand your financial assets and liabilities.
Financial Preparation: Understand Your Liability
Personal liability
When it comes to owning or occupying a property, most clients are unaware that they may be subject to personal liability in the event of an injury or accident on any properties owned, co-owned, managed, or merely occupied. Because of this, vulnerability also extends to injuries or accidents caused by family members, like your child or your spouse. Being aware of personal liability is the first step to protecting your family’s financial future.
You may be liable for accidents that happen in or on your:
- Residence: guest and premises liability
- Business: injury, premises, employee acts, etc.
- Rentals
- Land: injuries suffered on real estate you own or manage
- Boating activities that could lead to accident, injury or even death
- Injury caused by an automobile, even if driven by a non-family member
Professional liability
As a business owner, you may already be aware that you are exposed to a host of liability issues. That liability, however, extends beyond the premises and employee or client safety. As the business owner, you may also be liable for actions, errors, or omissions arising from professional services offered by your business, your partners, associates or employees.
Do a little financial preparation for these possible liabilities. Look into getting insurance to help you cover any costs required to handle accidents on your property.
Secure Your Family’s Assets
After assessing your personal liabilities, it’s important to look at those assets that aren’t secure from attachment, lien, or seizure by creditors, judgments, or lawsuits.
These vulnerable assets can include:
- Cash and savings accounts
- Money market accounts; certificates of deposit
- Stock brokerage accounts
- Equity in homes above statutory limits
- Retirement accounts above statutory limits
- Attachment of wages
- Other real estate
Plan for Tomorrow, Today
At Alpha Omega Wealth, we know that your future is in the bank. Let us help you protect your assets and family’s financial future by investing in a strategy that empowers you instead of your lenders. From personal estate plans to your business’s continuation plan, we have the legal and financial experience to get you on the right track today.
Call our offices for a comprehensive review as well as recommendations and referrals that will protect all of your assets, not just some of them.
