4. Activate your plan before the first sign of trouble. 'WHEN' you do it is just as important as 'WHAT' you do. For example, to shield your assets from litigators, you need to structure your purchases (property, education, equipment, travel, etc.) and how you hold them (personal, business, LLC's, trusts, corporations, etc.) in specific ways, always legal and above board. You have to have these protections in place BEFORE there's ever sign of trouble.

5. Don’t forget insurance. Check with an insurance specialist or agent and make sure you are covered. Obviously, when you purchase a property you will need property insurance to protect yourself. What you may not know is if you are renting, you need a renter’s policy. It is also a great idea to encourage a tenant to obtain a renter’s insurance policy for insuring their contents, which will not be covered by your homeowner’s policy. Once you set up a business, don’t forget business liability insurance and depending upon the nature of your business and whether you have employees, you will need additional coverage or riders. Finally, one of the most affordable forms of protection is an Umbrella Liability Policy. Typically, for only a couple of hundred dollars per year, you can obtain one million dollars worth of coverage. Insurance is important so in your rush to get started, please make it a priority.

6. Keep your loved-ones appraised. It does you no good to set up entity structures, a trust and a will if your spouse, family and kids are not aware of what you are doing. Typically, when you are planning your estate, your attorney will maintain a copy of original documents. At a minimum, your spouse, children and/or parents should also maintain a copy. If you hold an interest in a business, your loved-ones should know where a copy of the documentation is located.

7. In this case debt could actually help. Although this may sound a little contrary to good financial planning, debt can be a useful strategy for asset protection. For example, if you have an asset that has more debt than equity, then it is not a useful target for a creditor. Some companies and asset protection specialists even suggest setting up multiple entities each protecting a different class of assets. One entity has no equity or all of the debt and the other entity has the equity, but nothing is titled in this name. Again, please speak with an asset protection attorney for details.

If you have asset protection questions or feel a bit overwhelmed and don’t know where to start, become a member of our exclusive Wealth Umbrella Network and one of our seasoned coaches will refer a knowledgeable asset protection attorney your way with a proven track record!

The bottom line is, by preparing for the war now, you may never have to go to battle. And in the event that you do, you’ll be prepared.

Have a Happy and Thankful Thanksgiving,

Gus Fernandez and Michael Williams

Special Note: “On the 7th day of newsletters he rested.” Thank you for your continued support. I truly value each one of you. I hope you learned something after this special newsletter series. Please feel free to pass along this information to friends and family who may need it.

- Michael and Gus