Risk is a fact of life and can have a dramatic impact on your wealth. Risk management is intended to minimize financial and other losses potentially associated with risks to your assets, business, or health. 

Part of our job is to protect your financial well-being, and that may require us to help you insulate yourself from certain risks. Everyone should evaluate the possibility of personal, business, and professional liability; property loss; catastrophic illness or disability; and assisted living.

Your first line of defense is to identify sources of risk and to avoid or minimize the major exposures. Your last line of defense is insurance.

 

ASSET PLANNING PROTECTION

Asset protection planning manages risks to your wealth, such as lawsuits, accidents, and property damage. Asset protection planning looks to transfer the risk of these events through:

  • Insurance
  • Repositioning asset ownership
  • Other protections available under the law

Starting and running a business carries its own set of risk exposures. Certain factors can have a huge impact on how safe your personal and business assets are from risk. These include:

  • The type of business entity you choose
  • The state you choose to do business in
  • How you manage your business
  • Your human resources
  • Your taxes