Protecting assets-Don’t wait to get it done. Lessons on protecting assets can come in the most unexpected ways. I spent Saturday on the beach in Sarasota with my wife and a couple of friends. The water was sparkling blue and we decided to sit on that gorgeous white sand for awhile enjoy the scenery and just talk.
As we sat there, suddenly I heard a slap and saw something fly over my head. I really couldn’t put together what was happening, so I looked around. My friend got the most interesting look on his face; he looked bewildered and then angry. It was then I noticed a fish sitting on the beach behind him.
Suddenly I was able to understand what was happening. The birds flying over our heads had fought over a fish and it had dropped on his shoulder. I pointed out what had happened and he started to laugh. He told me that he thought I had slapped him on the shoulder with my wet hand and wondered how I could be so rude.
As we assessed the situation, we realized that his shirt was covered with fish scales and blood. The fish smell was strong and he laughingly said, “It is sure a good thing that I came prepared with extra clothes.” He practiced the “Protecting Assets-Don’t Wait” theory.
Protecting Assets Is Important
Knowing when you will need asset protection often isn’t something you can predict in advance. It is like sitting on the beach. Protecting your home and other assets is a critical responsibility that you should take care of now. With the falling home values, dwindling stock market, high unemployment and many Americans voicing an entitlement attitude, your assets just aren’t as safe as they used to be.
Look around if you have a home, a bank account or a small business. You can bet it is only a matter of time before somebody is going to try and take them away from you. If you are a professional, protecting assets from your patients or clients is something you have to do today. If you have investment real estate, protecting assets from your tenants is critical. If you are just making good money today, you need to protect your assets from the tax man. Knowing when you will need asset protection often isn’t something you can predict in advance.
Knowing how to protect your assets requires you understand and know how to use the law. The sad truth is that many attorneys really don’t worry about protecting assets-Don t wait. They are just as happy to have you “fall into a trap,” because they make the big bucks digging you out of the trap.
Before a fish falls out of the sky and you get in trouble, take the time to protect your home and assets and prevent financial disaster. Once you have made the effort to put your asset protection in place, it is amazing the confidence it will give you. When you have finished your asset protection, it increases your business capacity. You will have the confidence to go out and make deals and take risks because you no longer need to worry about losing your assets. You no longer need to live in fear. You can better enjoy life. If you need some help putting together a plan, look at my book, Protecting Your Financial Future.