You have made some steps this year to move forward, and you’ve gone into this profit phase. How do you ensure that you don’t go backwards?
The problem when you make a profit, you start becoming like an attractive target. If you have a few categories of risk such as employees, competitors, customers, creditors, or suppliers, make sure to protect what you’re building if your business ever gets in trouble.
If there is a target on your back, how do you protect yourself?
Make sure you have an asset protection strategy, and protect the wealth that you’ve built this year because it is for you, your family, your future, and your legacy. It’s not for anyone else to come and take away from you.
Ensure that you have an asset protection strategy by reviewing your:
Business structure – Make sure that there are no leaks in terms of asset protection.
Investment structure – If you’ve made decisions and invested in shares, property, orcrypto, make sure you’re investing in the right structure because it could be at risk.
Insurances – As you increase more in wealth, you might have taken on new liabilities or investment liabilities so make sure that your insurances are protecting you as well.
There are two types of insurances:
There’s obviously the Business insurance, if your business has grown quite a bit and you’re not covering enough of your business right now, but there’s also Life insurance that you want to be looking at.
COVID has shown us that anything can happen. So, we encourage a lot of clients to review at least every two years or so. If your circumstances have changed significantly this year, you may want to review your wills and your power of attorney documents.
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