LEGALITY IN BUSINESS
THE GLOBAL BUSINESSWOMAN AND ASSET PROTECTION
Mercy
Edukugho-Aminah TEP Mercy is the Managing Director of 1st Fiduciary Ltd WHAT IS ASSET PROTECTION? Asset Protection is the adoption of strategies to protect one’s wealth. It refers to strategies used to guard one’s wealth from seizure, judicial claims, taxation, expropriation and other loses.
Many a times we work so hard to become comfortable and be able to afford everything we ever want or need as well as to provide for our families. This desire to thrive and excel often gives us sleepless nights, late night work, less social life, less time for ourselves and those we love. All in the bid to prosper and be self-sufficient, we work so hard to accumulate assets and wealth. In some cases, people lose those that are valuable to them as they go on this journey.
Asset and wealth protection planning is very important and without such planning you are creating a threat to the preservation of your wealth. It is important that you plan now to reduce or eliminate adverse economic consequences from lawsuits or other claims which may arise in the future.
More often, in the journey to wealth and comfort, we often fail to realize that sometimes life happens, a fire outbreak could lead to the loss of property, then what happens next? All you have worked so hard for would be no more. Death or incapacitation could happen, and the children or family you worked so hard to give the best life would be left with little or nothing due to either improper management, family conflict, chaos or the greed of interlopers. Hence, as we accumulate wealth and assets, we must ensure that there are proper asset protection structures embedded in how the assets are owned. LINBIZ GLOBAL | PAGE - 21
