3 Ways Asset Protection Will Help You Guard Your Wealth - Infographic

Unfortunately in this day and age, you can't get in an accident without the fear of litigation following close behind. There is a chance that you're not even to blame for the suit being filed against you, but the costs that come from just participating in such a lawsuit can really add up. Anything under your name that is worth money is an asset, and in the case of a lawsuit, these assets may be reclaimed in an effort to pay off your debt.

It is important to take preventative measures now to protect your assets so that if you ever do find yourself in a lawsuit, you can have some peace of mind knowing that your belongings are protected. Although there is an extensive amount you can do to conserve your belongings, here are three helpful ways to help you guard your wealth.

1. Be Wary of Jointly Held Accounts- if you have a joint account with your parents, spouse, roommate, or any other relationship, in the event of a divorce or lawsuit your money that is being held in this account is greatly at risk.
2. Increase Your Liability Insurance- Your first safety net in an indictment should be your insurance, so make sure that you're not skimping when it comes to your liability insurance.
3.Formalize Informal Partnerships- If you have not formed an entity and remain as an informal partnership, you will hold equal responsibility in the actions of your partner and all of your assets will be at risk.

American Society for Asset Protection has qualified professionals that can assist you in keeping your assets as well protected as possible in the event of a lawsuit. We've put together this infographic to give you a few ideas you should consider.

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Infographic Created by: American Society for Asset Protection

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