Asset protection is something which everyone needs, no matter how much money you have. Asset protection is the act of protecting your wealth, property and other assets and avoid them for incurring taxes, extra costs etc. But in spite of the popularity of asset protection and trust protection,there are many myths associated with it. These myths need to be busted because only then you will be able to easily avail protection services from lawyers or attorneys. The following are the top myths busted about asset protection:I don’t think I will get sued
One of the most common myths associated with asset protection is that people think they just cannot get sued just like they can never get cancer. But this is not true, no matter how much wealth you have or no matter how much care you take of your assets, you can still be at a risk of getting sued. Thus you must avoid being casual.
It is impossible to achieve 100% asset protection
Another common misconception about asset protection is that no one can achieve 100% asset protection and there is still some scope left for it. But this is not true as these days, with the help of Trust lawyer Loudoun County or asset protection attorneys; it is possible to be totally or completely protected.
Asset protection lawyers can be difficult to get and expensive to hire
Another myth related to asset protection is that asset protection lawyers or attorneys can be expensive to hire and it may take a lot of time to find the perfect lawyer. This is a myth since there are many good lawyers out there who can provide you customized solutions and may even be affordable. You can search online to find one such attorney and conduct a meeting to know the cost, services on offering etc.
Only a single insurance is enough for me
Another myth associated with asset protection is that just a single entity or insurance is enough for my business or for me but this is a misconception and a thinking which people must change. It is always better to take a combination of insurances or entities to obtain the best tax advantage and protection. This very method or strategy of taking multiple solutions minimizes the tax risk and enables you to reach near 100% asset protection mark.
I should put my assets in my spouse’s lower liability account
A lot of people think that my putting their assets in their spouse’s lower liability name can help them protect the assets in a much better way but this too is just a myth and a misconception as this may not be a way for asset protection.
From the many ways of asset protection, the best is to hire a professional attorney and get top quality Asset Protection Northern VA or any other area that you live in. to avail this kind of protection, you can log on to lorrentjohnston.com.
