You spend years working hard to accumulate your assets, but do you have the right strategies in place to protect those assets? Unfortunately, the information available to assist in best protecting your assets is not so clear cut. This is where it is vital to ensure you have specialist advice to safeguard your years of hard work.

The beginning of the year, when we often consider personal plans and goals, is a great time to look at your assets and the protection strategies you currently have in place.

Some important questions to ask yourself:

• What will happen to you and your assets if business does not go as planned?
• What will happen to your assets in the case of personal accident or litigation?

What can I do to protect my assets?

One of the most effective strategies for asset protection is to structure your business in a way that will limit personal liability. This can be done various ways with the view to separate your personal and investment assets from those of the business, shielding them from potential losses or legal action. A common strategy for asset protection is to hold assets in a trust. By placing assets in a trust, you stand a chance at protecting them from creditors, legal action, and other risks, provided you play by the rules. Asset Protection vehicles are not limited to trusts where private companies and self-managed superannuation funds provide alternative protection mechanisms.

It is also important to ensure that your business is properly insured. Having the right insurance policies in place can help protect your business’s assets in case of an accident, theft, or other unforeseen event.

Finally, it is important to have an up-to-date will and estate plan in place. Having a will in place will ensure that your assets are distributed according to your wishes, and that your business is in the best position possible after your death.