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Protecting your wealth should be done strategically

Those with a high assets may have more power to invest and build businesses that can propel their wealth even further, but as a high-asset individual, they also have more to lose. Therefore, it's even more important that they protect their wealth and their portfolio of assets both from the economic climate and from those who may want a piece of it. The following are some tips on how you can strategically protect your wealth.

Make sure that your liability insurance is more than adequate

Those with high assets need to make sure that they don't become vulnerable to litigation, and they need to make sure that they have insurance that covers their net worth at a minimum.

Separated assets are usually the best way to go

When you have a joint account with your spouse, all assets are shared. This will not be a problem for many, but it can affect the inheritance of any children you may have from another marriage. It will also be extremely detrimental if you are considering divorce.

Turn your rental properties into a formal business

If you own properties that you rent out for profit, you should protect yourself by making sure that your personal assets are protected from any legal claims that you might be subject to.

Protecting your wealth should be something that you see as a strategic process, and is just as important, if not more important, than gaining wealth. Learning about how wealth protection works from a legal perspective will help you to make wise decisions for your future.

Source: Forbes, "6 Asset Protection Strategies To Shield Your Wealth," accessed Nov. 28, 2017

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