Among the list of wealthy investors’ top worries are a repeat of the financial fallout that happened in 2008. Yet regardless of whether the economy is doing well or suffering through another setback, wealthy investors should also be concerned about being sued.
While there’s little you can do to prevent another meltdown of the market, there are a range of things you can do to protect your assets from liability. Chief among these is owning an umbrella liability insurance policy, which you can frequently purchase from the same company you own your car or home insurance through.
These policies can help insulate your assets from a suit stemming from an auto accident, but be sure to review the policy’s limitations with your attorney to ensure you know what it does and does not include.
Other tools you may find helpful in protecting your assets are ensuring you have diversified your investments. Many state laws protect funds held up in retirement accounts and real estate holdings, for example. In addition, you may consider establishing a trust to house your investments.
Contact your attorney today to discuss these and other options for protecting your wealth. And read more on the subject in this recent Wall Street Journal article.