By: aG | Spunky Seniors Club | January 2016
And then we get, scammers — they’re everywhere and no doubt they are misleading the YouthGenarians (The 50+ Generation). For the most part, many older people live alone and is subjected to these impostors who only want their prize possessions. They become an easy target not knowing their assets could be gone in a flash. The con artists are totally aware that older people have a lot of commodities and as such, all YouthGenarians should ensure that their assets are well protected. Click for top tips that may help you.
Protecting your Assets
Safeguard your wealth and property from scammers and stop getting attacked — find ways to protect your assets. According to AXA, contrary to what many people think, estate planning and trusts is not necessarily reserved for just the wealthy. Even if you’re not among the top 100 moneymakers in the country, you may be able to benefit from the tax-saving benefits of certain trusts. Have your attorney(s) protect all of your assets such as real estate, securities, stocks and bonds, artwork, cars, property and virtually anything of value. Better safe than sorry!
You Should Increase Your Liability Insurance
If your net worth has gone up, one of the first things you should do is contact your insurance broker and increase your liability limits so that your liability coverage is at least equal to your new net worth. You’ll need the extra security, according to CBS on why you should increase your liability.
Keep the Assets Separately
Couples that are married, prenuptial agreements can be a great tool for protecting your assets — but if one day you decide to end the marriage, what happens if you don’t have a prenup? That might be an issue if you have children or children from a previous marriage and want to co-mingle the inheritance.
Have a Look at All Joint Accounts
You should review all joint accounts you have with your attorney, just in case they’re at risk. Let’s say your partner files for a lawsuit judgment or a tax lien, your entire account might be wiped out. It’s always best to check with your attorney on matters like this for safety reasons.
Make Sure All Your Partnerships Are Formal
Business partnerships can be tricky because you can be held responsible for what your partner does. Do not be a part of any informal agreement and always get written communication for everything.
You should have a formal business structure, without it, your personal assets will be at risk in case your business is sued.
The art is not in making money,
but in keeping it.
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