It can be tricky getting a good lawyer to protect your assets from your bad behaviour, and that’s because there’s a whole world of advice out there.
Here’s what you need to know.
What is asset protection?
Asset protection is a term used to describe the process by which your financial institution (usually a bank) or custodian (a trust) ensures that your money, assets or your life is safe.
How much do asset protection fees vary?
A typical asset protection fee is around $100.
Some banks charge more than $500.
What are the pros and cons of each?
Read on to find out.
What kinds of assets are covered?
Most banks and custodians cover certain types of assets, such as savings and investments, and some of the fees vary by type.
But it’s important to know that all assets are generally covered by law.
How do I choose a lawyer?
The most common asset protection method is to ask your financial provider to write a contract that outlines what assets you can and can’t keep.
However, if you can’t make this choice, you should also talk to your accountant or lawyer about the best option for you.
The more specific the contract, the better the outcome.
Which types of asset protection do you recommend?
Some people think that they need asset protection for their retirement accounts, while others might consider it to be a way to make sure they don’t miss out on future income.
Read more about how to choose the best asset protection company for you and the law.
How to protect yourself against the financial crime of fraud?
Fraud is a serious offence in Australia and financial crimes can be complex.
Some of the more common types of fraud are: deception or trickery (forgery, forgery of documents, etc)