success

June 19 Show: Master Negotiator, Herb Cohen

Herb Cohen, negotiations, how to negotiateCould you use more power of persuasion in your professional dealings? Do you sometimes feel like it’s not easy getting a potential client, employee, or partner to say ‘yes?’ No matter what area of life – from personal relationships to investments to your career – everything is a negotiation. And if we understand the nature of negotiations and how to get from ‘no’ to ‘yes,’ our lives could be enriched in so many ways.

April 10 Show: Humanitarian & Project Linus Founder, Karen Rinedollar

Karen Rinedollar, Karen Loucks, Project LinusDo you long for more fulfillment and meaningful relationships in life? How do you prioritize and focus more on the truly rewarding aspects of living without getting bogged down by the daily grind?

April 3 Show: Jason Havey, Mental Wellness Expert

Jason Havey, mental health, mindAre you health conscious? Taking care of your body is important, but there’s more to health than just that. What about your mind? Do you ever wish you had more clarity of purpose, mental tenacity, or emotional peace?

Feb 27 Show: Tony Lillios, Living the Entrepreneurial Dream

Tony Lillios, Living Wealthy RadioDo you find yourself wondering what your next big idea should be or how you can take your business to the next level? Maybe you sometimes wonder about how you should prioritize your life and what goals you should set for your career. Are you missing something?

Feb 20 Show: Humanitarian & Project Linus Founder, Karen Rinedollar

Karen Rinedollar, Karen Loucks, Project LinusDo you long for more fulfillment and meaningful relationships in life? How do you prioritize and focus more on the truly rewarding aspects of living without getting bogged down by the daily grind?

Jan 9 Show: Jason Havey, Mental Wellness Expert

Jason Havey, mental health, mindAre you health conscious? Taking care of your body is important, but there’s more to health than just that. What about your mind? Do you ever wish you had more clarity of purpose, mental tenacity, or emotional peace?

Oct 10 Show: Tony Lillios, Living the Entrepreneurial Dream

Do you find yourself wondering what your next big idea should be or how you can take your business to the next level? Maybe you sometimes wonder about how you should prioritize your life and what goals you should set for your career. Are you missing something?

What IS Asset Protection and Why Most People Need it Regardless of Their Financial Status

By Teresa Kuhn, JD, RFC, CSA

President, Living Wealthy Financial

 

asset protectIf there is one money myth that can really come back to haunt you, it’s the pervasive (but incorrect) notion that only the very wealthy need to think about protecting their assets.

There is an understandable tendency for many people to believe that “asset protection” is a financial strategy benefitting only multi-millionaires or those in professions vulnerable to lawsuits, such as doctors, dentists, lawyers, engineers, and consultants.

This belief may explain why so many Americans have done little or nothing to protect their wealth from potentially devastating occurrences such as lawsuits, health crises, divorce, failed business ventures, and personal bankruptcy, among others.

Hard-earned wealth can quickly evaporate as a result of any of the events I mentioned above and others that no one could ever anticipate.   Modern asset protection techniques exist to shield you from these possibilities and provide some extra peace of mind and a greater measure of control.

Using these strategies in a blueprint designed by a qualified planner can help protect your children or other heirs and safeguard against adverse consequences.  A well-thought-out plan will ensure that your final wishes are carried out and lessen the possibility of family squabbles and tension.

Asset protection planning is needed not only by the super-rich but also by those of moderate wealth; people who own anything of substantial value, such as land, a commercial building, home, intellectual property and patents, or equipment and vehicles.

If you own or have inherited any of these kinds of things and you want to do everything possible to ensure that you will be able to pass them on to your heirs, and not the courts and lawyers, I recommend you start putting together a strategic asset protection plan that is done well before it is ever needed.

Here are some components I feel should be in every asset protection plan.  This is by no means an exhaustive list, and I highly recommend seeking the services of an asset protection specialist.  But I am hoping that this will help you start the process.

  1. Your will. Most people with whom I speak seem to understand that a will is a critical component of an asset protection plan.  Yet, amazingly, nearly 60% of Americans do not have a will, even though as far as legal documents go, it is usually inexpensive and easy to have prepared.  Bear in mind that a will is only part of an estate planning solution.   Dying without a will (“intestate”) is never a good idea.  On the other hand, just because you have one doesn’t mean the job of asset protection is done.   If you haven’t drawn up a will yet, or your current will hasn’t been updated in a number of years, contact me and I will help you find resources to get your will done.
  2. Durable power of attorney. In some ways this could be even more critical than a will.   A durable power of attorney allows you to appoint a trusted friend or relative to be your agent to handle specific duties and decisions should you become incapacitated.   This document is crucial to a sound asset protection plan because if you were to become incompetent or otherwise incapacitated without it, your loved ones would be prevented from making many important health and financial decisions on your behalf.  When this occurs, loved ones who need to make those decisions are forced to go to court and seek appointment as a guardian, a process that can be time-consuming and costly.
  3. Property Insurance  Good property insurance, such as homeowners’ insurance, umbrella policies, business insurance, professional liability, and even auto insurance with more than the minimum amounts of liability, can be valuable in keeping your wealth safe.   The goal here is to have enough insurance so that anyone who sues you will be willing to settle with your insurance company and not go after your home or other assets.
  4. Life insurance Depending on the state in which you live, a creditor may not be able to claim either the cash value of a life insurance policy or the death benefit. In some states this is also true of annuities.  This makes specially designed permanent life policies, such as those I use for my Bank on Yourself clients, a natural choice for inclusion into an asset protection plan.  Again, you must consult an asset protection specialist who is an expert on the creditor protection limits in your state to see how much protection life insurance will actually afford you.
  5. Trusts Many people associate trusts with tax havens for the rich and famous, but the fact is a trust can benefit anyone who owns anything of value that needs protecting.   There are nearly as many kinds of trusts as there are people who need them.   I don’t have time to go into them in any detail here except to say that a trust designed by an expert in asset protection can be your most valuable tool to ensure that your final wishes are carried out and your family gets access to your assets

Obviously, I’ve only scratched the surface when it comes to asset protection planning.  The important thing is to get you thinking about what you need to do  right now to keep your wealth safe and intact for future generations.  I would love to discuss asset protection and other financial issues with and provide you with valuable resources.  Schedule a consultation today by calling our office at (800) 382-0830 .

June 6 Show: Tony Lillios, Living the Entrepreneurial Dream

Tony Lillios, Living Wealthy RadioAre you an entrepreneur? Do you find yourself wondering what your next big idea should be or how you can take your business to the next level? Maybe you sometimes wonder about how you should prioritize your life and what goals you should set for your career. Or maybe you find that you absolutely love what you do, but you just don’t make a lot of money at it. Is that ok? Or are you missing something? Our guest, Tony Lillios, is a highly successful entrepreneur and the subject of an up-and-coming documentary film, Crossing Bhutan. He has built business from the ground up, travelled the world, and lived what some might consider the entrepreneurial dream. And he’s here to share his reflections, his ups and downs, and his insights to help us along the same path. www.CrossingBhutan.com

March 14 Show: Susan Fowler, Motivation Expert

Susan Fowler, motivation secrets, how to motivateHave you ever wanted to know the best way to motivate someone? Motivation is a hot topic in corporate leadership, relationship coaching, and just about every area of life. It’s seen as the ultimate skill to have for boosting sales, influencing people in your network, and getting what you want out of life. But what’s the secret? How do you truly motivate others to achieve desired outcomes?

Our guest, Susan Fowler, author of Why Motivating People Doesn’t Work, says you actually can’t motivate people! She is a consultant, coach, and author in the field of personal empowerment, and she’s going to share with us just why motivation doesn’t work – and what does.

For a free motivation assessment and immediate insight about your specific motivations, visit: www.SusanFowler.com

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