Asset Protection and how an Accountant can help
You’ve worked hard for your assets; your home, business, cars, boat, shares and any other investments you may have, but are they adequately protected?
Yes, you may have home and car insurance, but have you actually protected your wealth?
These days, we have many things to worry about, and whilst we don’t want to add to your list of worries, we do want to remind you of the fact that there is a risk of your assets being taken away. This is why having an appropriate asset protection strategy in place is so important.
With so many different strategies and options, asset protection can be complicated, but with the right professional to assist you, it doesn’t have to be.
What exactly is asset protection and how can an Accountant help? Read on to find out.
What is Asset Protection?
Put simply, asset protection is the concept and strategy for guarding one’s wealth.
It’s a vital component of accounting and financial planning intended to protect your wealth and assets from potential claims. So, whether you’re an individual or business entity, it’s something you should definitely consider.
How can an Accountant can help?
The best way to protect your assets is with asset protection advice from specialists, you can trust. Specialists you can trust to help with this are of course, accountants.
Depending on your individual circumstances, there are many different strategies and plans an accountant can implement to help you protect your assets.
Here are just some of the ways:
Trust in Trusts
Discretionary Trusts are often a strategy for asset protection. Why? Because they enable a range of people in your family to benefit from income and capital within a trust.
This basically means that you are not the sole owner of an asset. So, guess what? When the ownership line is a little blurry, this can help protect these assets from attack.
In Good Company
Did you know that a company has the benefit of “limited liability”? This means if your company ever faced an outsider attack, the assets would be limited to the net worth of the company. So, anything outside of your company, i.e. your family home would likely not be at risk.
Should your business structure be an individual sole trader, or partnership type structure, then this is another story altogether.
There are many more ways an accountant can help you with your asset protection needs. Find out more about our services here.
You’ve spent your life working hard to grow your wealth and assets, to give you and your family the life you deserve. Protect what you’ve worked so hard for with the right asset protection strategy - You can’t afford not to!
At Crest Accountants on the Gold Coast, we have over 45 years’ experience providing advice on asset protection, you can trust Crest Accountants. We take the complication out of asset protection and help put the right asset protection strategy in place, for you.
We take the time to get to know our clients so that you feel confident we have your best interest at heart. Crest Accountants, accountants you can trust.
Contact us and book an appointment to discuss how we can help you protect your assets today.