You may find yourself wondering, "What exactly is an asset
and why does it need to be protected?" As always, we like to start with the basics when explaining a legal concept or idea so that all of our readers and clients accurately understand the topic at hand.
Assets are anything that you own that has a monetary value now and especially
in the future. Typically, assets increase in value with time, and most people invest in (buy) assets expecting that they will be a form of income in the years to come.
Some examples of common tangible assets include: cash, inventory (related to your business), real estate property (buildings, houses or land), vehicles (business, personal and collectible), and equipment (technology, software, machinery, office devices).
Assets that are intangible can be just as valuable as the concrete assets mentioned above. Some intangible assets include: patents, trademarks, royalty agreements, copyrights, licenses, brand names, domains, permits, contracts and various types of investments (bonds, money markets, commercial, stock in other companies).
There are a number of assets not covered here, but for the most part, these are the kinds of assets that most of our clients are interested in protecting. Failure to adequately protect your assets will undoubtedly lead to a very unpleasant financial struggle
in your future.
It can often be difficult to look far enough into the future to be able to effectively strategize regarding your valuable assets. The rising popularity of the practice of "mindfulness" encourages us to live in the moment. Terms like "YOLO" (You Only Live Once) are tossed around and used as excuses for poor money decisions.
Without a doubt, being present in all of the moments of your life is something to strive for, but it doesn't mean you have to empty your bank account on a whim or cash in all of your investments to take an extravagant trip to Fiji.
Finding a comfortable balance between living mindfully, spending wisely and protecting assets for your future is the option that will allow you to fully enjoy life today and tomorrow as well as many years in the future.
When we talk about "asset protection" or "asset management," we're referring to ensuring that your investments (both tangible and intangible) won't be lost as the years roll by. As you enter your later years and begin to look toward retirement, the planning and asset management you do now will allow you to continue providing for yourself and your family.
and bankruptcy are real issues faced by many seniors today. The bottom line is that we can help you avoid these pitfalls by creating an estate plan that incorporates unique asset protection strategies tailored specifically for your life and your goals.
We help our clients feel confident about their futures, and we do it because we care. Veitengruber Law provides reliable asset protection in New Jersey - both in our Wall and Cherry Hill offices and by appointment in Bordentown. As always, we do not charge a fee for initial consultations.
Get informed about your future by working with the legal team
that will treat you like family from the minute we meet!
Image credit: Damian Morys