The Best Asset Protection Starts With Being Informed
It’s my hope that you’ll be able to use some of this information to begin building yourself an asset protection strategy, if you haven’t already done so. The first step in this process is making sure you have all the information you need.
Now mind you, not all information is created equal. I love YouTube as much as the next guy, but part of the problem with having all of the awesome technology most of us take for granted is the fact that there are self-proclaimed “experts” on nearly every subject. Usually, these people pass themselves off as gurus, but have little education, no credentials, and minimal if any real-world experience to be deserving of expert status. This is just the reality of having wonderful tools like the internet: some people are going to learn just enough information to be dangerous. And sadly, those who know the least often know it the loudest. This is the case with all sorts of subjects, and asset protection and real estate investments are no exception.
You may have even gotten some bad advice from well-meaning “experts,” or even professionals with legitimate credentials who simply don’t specialize in this area. In the case of asset protection, bad advice can be expensive. Many a YouTube guru or financial planner who isn’t thoroughly informed will tell you that insurance is all you need to protect yourself. This couldn’t be further from the truth.
Insurance certainly has its uses, but it won’t protect you from most lawsuits. To understand how proper asset protection does protect you from lawsuits, let’s take a look at the anatomy of this particular case.
Anatomy of a Lawsuit: They Aren’t All About Fraud
When most people think of lawsuits, they think of them as a natural consequence of deceptive or fraudulent behavior. However, my practice has shown me that almost all of them begin as simple misunderstandings.