Asset Protection and Financial Planning
As is often noted, we seem to live in a very litigious society where an unintentional misstep can sometimes result in a devastating lawsuit. Sound asset protection and financial planning should be a part of the defensive posture of every business owner and moderately successful individual. The need for asset protection and financial planning is often understood but, unfortunately not implemented, not implemented soon enough, or not implemented properly.
The time to plan and take the necessary steps is before any problems arise. Many situations, such as owning real estate in one’s own name, owning investments in one’s own name, having significant equity in one’s personal residence and not living in a state which protects the home’s value such as like Texas or Florida, owning a boat, wave runner, snowmobile, plane, or other dangerous piece of equipment in one’s own name, can all lead to problems.
There is no shortage of accountants, financial planners, insurance agents, salespeople, and even attorneys who are not versed in the arts of asset protection and financial planning. Some may be well meaning but others may be practicing law without a license. All of them are putting the client’s financial well-being at risk regardless of their motives unless they know what they’re doing. It often surprises clients to learn that asset protection is not a subject that taught in most law schools. Financial planning is an area where financial products are regularly promoted by commissioned sales agents and others of even less stature who are hoping to make a profit.
Mark has also been a Certified Financial Planner™ or CFP® since 1998. The Certified Financial Planner Board of Standards, Inc. sets professional competency and ethics standards for personal financial planning. The CFP Board owns the certification marks CFP® and Certified Financial Planner™ in the United States, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. Founded in 1985, CFP Board’s mission is to benefit the public by granting the CFP® certification and upholding it as the recognized standard of excellence for personal financial planning.