October
25, 2005
By
John Dietz, Senior
Advisor of Trustmakers
Last
week we talked about
the reasons and the
motivation to implement
an Asset Protection
Plan. Today I would
like to focus on reality.
A full 70 percent of
the calls I receive
are very similar: The
person on the other
end of phone is in
panic mode, and the
question is always
the same; “Is there
anyway you can protect
my assets? Something
just happened.” As
all the readers here
know, once trouble
arises, generally your
options are pretty
limited.
The
problem for most of
us is the impending
deadline or lack of
one. Many times we
don’t get a call until
trouble is looking
at you square in the
jaw. It can be frustrating
to see that we could
have fully protected
a client’s assets if
they had come to us
before trouble arose.
It never ceases to
amaze me how many ways
people can get into
trouble. The old axiom
“you think you have
heard it all until
the next phone call”
is so true. I’m pretty
sure I could write
a book on how many
ways people’s problems
can arise. The call
to action is difficult
for the honest, hard-working
people who can’t even
begin to imagine what
the other side is preparing
to do. As I have always
said, when it comes
to litigation, it’s
war, and the other
side isn’t taking hostages.
This
wait-and-see attitude
affects all of us in
one part of our lives
or another, and it’s
bound by no social
or monetary class.
The ebb and flow of
the natural world should
give us all cause to
stop and reflect. Nature
knows no constant,
and the same goes for
your financial stability.
Lawsuits and financial
woes are a sign that
you have been shaking
business bushes. The
only reason you can
be a target for a lawsuit
is because you have
something to lose.
One
of my favorite Oscar
Wilde quotes is: “There
are many things that
we would throw away
if we were not afraid
that others might pick
them up.”
One
of the main reasons
to start today on an
Asset Protection Plan
is that distance between
you and a potential
problem matters. In
the industry, it is
referred to as “old
and cold.” If trouble
arose in 2007, wouldn’t
it be nice to know
that you formed your
Asset Protection Plan
in 2005? I like that
kind of distance; it’s
comforting.
We
all buy insurance with
the hope of never collecting.
Like insurance, the
best Asset Protection
Plan is one that’s
never used. It should
be part of your living,
financial life. If
you do it now, I won’t
be getting one of those
calls where I need
to use my understanding
bedside manner. Buy
the aspirin before
you get a headache…
Until
next time,
John
If
you would like more
information regarding
asset protection, trusts,
family limited partnerships
or the subject of this
article please call
or email our office.
