Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion.
To have a properly constructed Asset Protection Plan you will need to have an Asset Protection Team consisting of an Asset Protection Attorney, Financial Planner, Insurance Agent, Accountant, and most importantly a Financial Advocate. Your Financial Advocate needs to understand how Asset Protection strategies work and they must also understand their role in constructing and coordinating your Financial Fortress.
An Asset Protection Attorney will establish legal deterrents that will persuade those considering lawsuits to look elsewhere for the easy targets. Next, a Financial Planner can provide tax deferred retirement plans that provide legal IRS approved methods for providing Asset Protected retirement savings. Then you will need an Insurance Agent that can provide polices to protect you from the unexpected in life. Even better is that if coordinated correctly with your accountant, you may be able to use insurance premiums to reduce your tax burden. Finally, the most important part of your Asset Protection team should be a Financial Advocate that becomes the coordinator of all these efforts. This will prevent a situation where the right hand doesn’t know what the left is doing. At Fortress Financial Strategies we want to become your Financial Advocate! As an exclusive benefit to our clients, we can also fill the role of Financial Planner and Insurance Agent while maintaining the role of Financial Advocate. Our clients like this streamlined approach because a major portion of their plan is constructed in house, therefore there is less chance for miscommunications.
We understand that you many already have a trusted Financial Advisor or Insurance Agent in place and want to continue your relationship. In these situations we will work with your current trusted advisors to construct your Asset Protection Plan. Finally, to round out your team we will work with your Attorney and Accountant to ensure that your plan is complete and that you are not left exposed. If you don’t already have a trusted Attorney or Accountant we will gladly introduce you to members of our Attorney Alliance Program or CPA Alliance Program.
To find out if your assets are fully protected contact Fortress Financial Strategies located in
Glendale, Arizona at 623-255-5180