Business and Personal Asset Protection
The risk of you “losing everything” has reached unprecedented levels. Asset protection is no longer “just for the rich”. It is simply a necessity for anyone who has even moderate assets. Discover the steps you need to take now to implement powerful asset protection for both personal and corporate assets.
Asset Protection is not just for the rich end of town
With the ever increasing landscape of lawsuits and liabilities in Australia, many of us face greater financial exposure than ever before.
Business owners, consultants, advisers alike – spend years building our business and creating wealth, but have we given enough attention to protecting it?
Asset Protection is about building a wall around your assets through the use of business structures, insurances and legal protections, so that they are not exposed to risk. But protecting your assets can give you more than security – implementing your optimum business and wealth structures can also get you generous tax benefits as well. As a business owner, you spend years in building your business and creating wealth, but have you given ample attention to protecting it from Predators and Creditors?
What is Asset Protection?
Essentially, asset protection is a method of insurance. It creates a barrier between your assets and your risks, so that your assets are protected. Asset Protection is achieved through the use of strategically planned business structures along with the right insurance products and legal protections.
In a nutshell:
• Protection from Creditors and Predators of what you own (and earn).
• Designing your affairs for longevity.
• Insurance – hopefully never needed but it’s nice to have if you ever do!
Have you got all of your assets covered? Remember, assets are not necessarily limited to cash, shares and property – your assets might also include a business database, proprietary software or other intellectual property that is equally valuable and worthy of protection.
Why Protect Your Assets?
The landscape of litigation and liability has changed dramatically over the past few years, and increasingly people who have never before realised that they faced financial exposure are finding out that they do. Bigger awards are being made in favour of plaintiffs, professional indemnity and public liability insurance premiums have skyrocketed and NSW continues to lead the charge in our national thirst for compensation. It is no longer possible to confidently assess where the risks of liability will come from; the number of people and organisations exposed are greater than ever.
• NSW is now the 3rd most litigious state in the world! (Behind only California and Texas), and QLD is a close 5th.
• As in the Peakhurst Inn case – a burglar can successfully sue you.
• Public Liability Claims are up 24 % in last 12 months.
• Accountants PI Insurance premiums increased by 250% on average last year.
Can you be sued by someone who breaks into your home?
In 1999 a drunken youth broke into the home of a Sydney publican and his family. The publican assaulted the intruder with a baton, claiming that he was acting in self defence and in the defence of his family. The intruder successfully sued the publican for the injuries that he sustained – and was awarded $50,000. The intruder’s mother was awarded a further $18,000 for the nervous shock she suffered over her son’s injuries.
Who Is At Risk?
If you own a business or property, employ people or manufacture a product or deliver a service you are potentially at risk and should have an asset protection strategy in place. This includes:
• Company Directors
• Business Owners – sole traders, partners.
• Professionals – lawyers, accountants, “advisers”, doctors, dentists etc.
• Rental property owners
• High profile/public figures
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By designing the most effective asset protection structure for you, our advisers are able to protect you and your assets.
The asset protection assessment process involves identifying what you currently own, how you are currently structured and a plan to take you from where you are today all the way to the ideal structure of your business.
For more information about Asset Protection and how we can help you please contact us
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