Different ways to Protect your valued Assets
Corey Marsland
Complex Problem Solver | People + Process + System Integrator | Path Finder | Mentor + Coach | Critical Thinker | Trusted Business Partner | Anti-Fragile Polymath
Many in my network, when we first meet ask me why do I do what I do?
It's something I find hard to articulate. To tell my story. Those that know me well, know a single event really defined me. So here goes... When I was 15 years old, my father was killed in a car accident.
His death profoundly affected me. My mother was left a widow, with five children. We were left with little money. When my fathers life support was being turned off, I grew up in a split second, understanding the need for me to "Step Up Quickly". So I am acutely aware that time is precious, not to be wasted.
For me my life is about "Protecting Family", "Making Life Count" and "Living every day following your Dreams".
Protecting your future and family
Is synonymous with asset protection. If you want to ensure that they are cared for in your absence, that they are not saddled with your debt, and that they are not forced to leave your family home, it is imperative that you take the necessary steps to secure your assets. Here are a few different ways to protect your valued assets for the people you value most.
Liability Insurance
Whether you own a home, a business, or both, it's a good idea to consider using liability insurance to cover any instances in which you might be sued.
Often, liability is included in homeowner's insurance policies, so if a neighbourhood kid slips on your walkway and gets hurt, you won't have to pay out-of-pocket or risk losing your assets to a settlement.
As for businesses, you will likely have to secure a number of liability policies. All of these are designed to ensure that your personal assets aren't up for grabs in a lawsuit situation.
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Asset-Specific Insurance
Homeowner's or renter's insurance is always a good idea, especially if you don't have the cash on hand to cover losses in the event of theft, vandalism, or natural disaster, just for example.
Don't forget, you can often add to your homeowner's policy to protect valuable items like art and jewelry in the home. You should probably get automobile or other targeted policies for particularly valuable items.
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Life Insurance
Protecting your assets could mean ensuring that your spouse or children have the money to pay off debts (including a mortgage, credit card debt, and so on) in the event that you die before you're able to pay them off yourself.
The right life insurance policy could make sure your loved ones aren't saddled with debt following your passing.
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Retirement Accounts
Sure, you can stick your money in a savings account, but you stand to gain significantly more by placing it in retirement accounts, including better interest rates and the ability to sock away pre-tax dollars.
You just have to make sure you list a beneficiary other than yourself.
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Wills and Family Trusts
Wills and family trusts are both valid options when it comes to asset protection. What you're likely to discover, though, is that trusts offer some decided benefits over wills, including protection for beneficiaries and no probate process.
By placing your property in a family home trust (or other trust structures) you stand to enjoy the greatest level of security where assets are concerned.
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So why not register with www.trustus.co.nz today and get yourself sorted.
After all, it's in your hands now.
Corey Marsland
Corey Marsland is the COO and Founder of MAC Innovations NZ Limited, as well as the Principal Consultant at Marsland Consulting Limited. Corey has over 23 years of experience combined with various business qualifications including a Commerce Degree studying: Management, Marketing, Information Systems and Commercial Law, a Graduate Diploma in Personal Financial Planning as well as being PRINCE2 certified in Project Management.
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