Leave a Legacy
It’s not enough to just build wealth—you also have to protect your wealth from taxes, lawsuits, tenants, and probate.
Those who have accumulated large assets through inheritance, residual investments or a windfall profit from a business venture are always at risk and must protect their assets against lawsuits from people with malicious intent. There are certain precautionary measures that you can take in this regard. Any of your rivals may be on a look out for opportunities where he or she can file a lawsuit against you and deprive you of your assets.
Furthermore, these lawsuits do not become a cause of worry until they actually occur. You can think of an imaginary situation where a mishap occurs in your rental property to someone due to your perceived negligence and a lawyer dragging you in a lawsuit. As such, you must be prepared for any such circumstance and must shield your assets so that it does not get into somebody else’s hands.
There are provisions in law that help you shield your assets. However, you also must implement all the precautionary measures to prevent your assets from being snatched away due to litigations.
Some of the steps you can take to shield your wealth are:
By properly planning and protecting your estate with the appropriate financial and legal professionals, you can maximize the amount of your estate that passes to your family, friends, and charitable organizations. The unfortunate alternative is that more of your estate will pass to your creditors, various attorneys, and the legal system.