United Wealth Group LLC Home
United Wealth Group LLC Home
  • Home
  • About 
    • Mission Statement
    • Team
    • Products & Services
    • Useful Links
    • Careers
  • Strategies 
    • Living Confidently
    • Financial & Emotional Confidence Quiz
    • The Reality of Life
    • The Living Balance Sheet®
  • Resource Center 
    • Retirement
    • Estate
    • Investment
    • Insurance
    • Tax
    • Money
    • Lifestyle
    • Small Business Webinar Series
  • Tools 
    • Glossary
    • Tax Resources
  • Contact
  • Client Login
Insurance

Asset Protection What it is and why it matters

Asset protection is about having strategies to help protect your personal assets, to reduce risk if things go wrong.

You could receive a claim against your assets from creditors, someone who wants to challenge your estate after you die, or in the event of a relationship breakdown. If you’re a business owner, creditor claims, workplace accidents, lawsuits and insolvency could also put your personal assets at risk. Without protection, all your hard work could quickly come undone.

When should you start protecting assets?

The sooner you can implement protection strategies, the better. In reality, people tend to consider shielding assets when they establish a new business or make a significant purchase. Asset protection isn’t a “set and forget” exercise — as the value of your assets grow, or if new risks come to light, you’ll need to review and revise your strategies to reduce exposure.

Common asset protection strategies

As a business owner, limiting risk to personal assets could involve:

  • Taking out insurance, such as general liability, professional liability and workers’ compensation1
  • Restructuring business and/or asset ownership by establishing a company or trust, so personal wealth is isolated from business activities.
  • Transferring asset ownership to a “low-risk” spouse.

For individuals who are not business owners, family trusts and asset ownership transfers are common protection techniques.

Life insurance and creditor protection

The death benefit of a life policy is generally protected from creditors2 of the policy owner, the beneficiary and the insured person. Depending on the state you’re located in, the cash value component may be protected too.3

For more on how you can use life insurance as part of your asset protection strategy, talk to your financial professional.
 

1. Neither Guardian nor its subsidiaries issue liability or workers' compensation insurance.
2. State creditor protection for life insurance policies varies by state. Contact your state’s insurance department or consult your legal advisor regarding your individual situation.
3. Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information.
Pub11512 2022-136732 Exp. 4/24

Share |

Have A Question About This Topic?

Thank you! Oops!

Related Content

Roth 401(k) vs. Traditional 401(k)

Roth 401(k) vs. Traditional 401(k)

This calculator compares employee contributions to a Roth 401(k) and a traditional 401(k).

The ABC’s of Auto Insurance

The ABC’s of Auto Insurance

What kind of auto insurance should you have? Do you know?

The Most Overlooked Item of Any Home Improvement

The Most Overlooked Item of Any Home Improvement

The item most homeowners forget on their home improvement project checklist is insurance.

Contact

Office: (732) 355-1050

Fax: (732) 355-1051

Princeton Executive Center

4301 Route 1 South; Suite 220

Monmouth Junction, NJ 08852

FINRA Series 6, 7, 24, 63 & 65

akazim@unitedwealthllc.com

Quick Links

  • Retirement
  • Investment
  • Estate
  • Insurance
  • Tax
  • Money
  • Lifestyle
  • All Articles
  • All Videos
  • All Calculators
  • All Presentations

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2023 FMG Suite.

Nick Saleem

Securities products offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC.OSJ: 355 Lexington Avenue, 9 Fl., New York, NY 10017, Phone # 212-541-8800. PAS is a wholly owned subsidiary of Guardian Life Insurance Company of America® (Guardian), New York, NY. United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian. AR Insurance License #2973673. CA Insurance License #0H03588. 

Asghar Kazim

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 355 Lexington Avenue, 9th Floor, New York, N Y 10017- 6603, Phone # 212-541-8800. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY.  United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian. California Insurance License # 0C53306.  AR Insurance License #703269.

This Forbes award is not issued or endorsed by Guardian or its subsidiaries.
Important Disclosures

Online Terms of Use

Online Privacy Statement

2021-126035  exp 8/30/23