Part of the financial planning process is creating a strategy to accumulate and grow assets during your working years to fund retirement, children’s dreams, and other short-term goals. Although retirement planning is a big part of financial planning, another focus should be protecting the assets that you already have. Here is a list of tips for asset protection. 

Freeze your Credit

Freezing your credit is one of the most important steps you can take to ensure that a third party does not open a credit account in your name. Unlike many credit protection services, a credit freeze prevents identity thieves from opening a line of credit with your Social Security number, stopping fraud before it even happens. Make sure you freeze your credit with all three bureaus: Experian, Equifax, and Transunion.

Document your Current Belongings

In case of a fire or emergency, it is important to have a record of your belongings and important documents. Take pictures of every room in your home, including the garage, to document all your things in case of a loss. Make copies of driver’s licenses, passports, and important family photos. All of these pictures can be saved to the Cloud, a Google Drive, in a fireproof safe or safety deposit box. 

Utilize Insurance

1. Home and Auto

  • Make sure that you have acquired proper coverage with your home and auto insurance. Review your insurance coverage on an annual basis or after a major life event to make sure you are properly protected.

2. Umbrella (liability)

  • Umbrella or liability insurance provides financial protection against lawsuits and claims if you cause an accident or someone is injured on your property. 

3. Disability and Life

  • Your ability to earn a future income may be one of your largest assets. It is important to protect your future income from injury, illness, or death by purchasing a life and/or disability insurance policy.  

Create an Estate Plan

Whether it’s developing a trust or LLC, coordinating with your estate planning attorney to ensure assets are titled correctly can help protect you and your belongings in the future.  

Easier Said than Done

Creating a plan to protect the assets you have worked hard to attain can be complex. Implementation and monitoring can be even more difficult and time consuming. Contact Sharkey, Howes & Javer to work with a CERTIFIED FINANCIAL PLANNER™ to help protect your investments and belongings. 

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