Protect yourself; no-one else can do it for you

We all know how much more litigious our society is becoming . . . and we’ve all heard horror stories of how some unexpected business risk appeared from left field and totally destroyed someone. “It was never meant to happen.”

But it happens. And it will keep happening.

Making it is one thing. Keeping it is another in this sort of climate.

There are many options – you need to canvas the variety of risks as well as the pros and cons of those various solutions. 

Business strategies as well as protective structures (don’t forget the tax implications) are all part of what can be a tricky equation.

And it can never be a “set and forget” equation either. It requires ongoing review and maintenance.

What you want is a solution that you can understand, that addresses your requirements, that is cost effective and can offer the sort of protection you require to operate your financial universe.

Questions

Ask yourself:

  •  What personal and business cost would be associated with a long-drawn-out legal battle?
  • Am I convinced or do I need more evidence of the risks applicable to my particular situation?

Ask accountant:

  • How does my structure provide asset protection? Would you please write this down for me?
  • Is this the best structure to protect my assets? Is it the most cost effective? What is the trade-off?
  • What could Ido differently in my business or my life to reduce the risks that I might be taking?

This article was taken from the book 'Your Money, Your Choice', written by Brett Kelly. For more information on Brett, please visit his website: www.brettkelly.com.au