Hi all,
What is the best way to go about Assets Protection or more Insurance and yes I have read Steve book about it but does not say any thing about having more Insurance so you don`t have to go and put in units Trust or companys .
Mark
Insurance can't protect you in many cases.
say you start a business for example and it fails.
Or you start a company and give a personal guarantee and then your largest client goes under leaving you with no cashflow and your company collapses. Don't think there is insurance for this (there may be actually?) but you get the drift. Something can happen that is not entirely your fault and this could have devastating effect.
Asset protection is not as simple as forming a trust – it is more like an art than a science as you need careful planning to implement a strategy that works.
Unit trusts provide no asset protection, companies limited protection in certain circumstances and the same with discretionary trusts.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw,
Will look into it more now.
I see you are on the forums a lot and l read a lot of your thing and you do give good iders .Hi gmarksnowdon,
You can pretty much insure anything, and minimize or eliminate most risks, but it comes at a price, and with varying conditions. Ie, typical insurance for business people might be key man, buy sell, cash flow, etc, and obvious ones for personal use would include TPD, income protection, and even unemployment cover. I'm assuming you have the obvious and common general insuracne on your assets/property, but other than the usual death cover, have you anything else personally? Sorry if I have misunderstood your question.
CHeers
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