RISK MANAGEMENT & ASSET PROTECTION

Asset Protection Planning and Insurance Planning, e.g. “risk management” are some ways to describe what is basically protection of your property, assets and income. During my Financial Planning and Wealth Management process we review your current financial position and personal data, identify potential risk exposure areas, possible lack of insurance coverage, needs for asset protection and then we implement a comprehensive insurance / asset protection plan.

It's imperative for high-net worth individuals with considerable assets to work with a professional like me who understands and applies the principles of risk management and correctly identifies risk exposures. The value of adequate insurance coverage can't be overstated. Liability lawsuits, property damage, a serious illness, an accident, a prolonged disability could severely affect your business, income and loved ones. It could seriously impair the wealth you have worked so hard to accumulate. Having proper and adequate insurance may cost something in the short term, but consider it an investment in the future– yours and your loved ones.

COMMON TYPES OF INSURANCE COVERAGE TO CONSIDER

Property Insurance (Homeowners, Commercial and
Personal Property)

Some of the questions clients most often ask are:

Life Insurance -It's important to understand the differences among the various forms of insurance. As part of my holistic financial planning process, when appropriate I prepare a life insurance needs analysis. For example, one way to use life insurance is to fund buy-sell agreements between business partners. It is also used to ensure that when a passing occurs in a family, there is sufficient income and capital to cover the needs of the estate and provide for the surviving family members over a pre-determined period of time. For example, funding an "ILIT" (an Irrevocable Life Insurance Trust) is a way to accomplish certain goals while keeping the proceeds out of the client's estate. Since there are too many variations in this realm, I work with my clients to determine the best form and benefit amount.

Health Insurance -Many people may be caught off guard by a serious injury or illness, and it creates a financial disaster. Many kinds of health plans are available, each one offering different options. Finding the right one depends on what you need. I help you decide what types of coverage is best for your circumstances. As a client's life circumstances change, we continually need to maintain the best health care plan for you and your family.

Disability Insurance - Often people don't get disability insurance until it's too late. As the saying goes: "it's not that people plan to fail, they just fail to plan." It is critical - especially for high-net-worth individuals - to take care of their family, loved ones and business in case of a long-term disability.

Long-Term Care Insurance - is designed to protect assets from unnecessary depletion should either you or a loved one require assisted living or nursing home care.

Personal Liability & Business Liability Insurance - Personal liability insurance, also referred to as personal umbrella insurance, is a product we use to keep our assets intact. Since we live in a litigious society, we believe that it's a good strategy to have an insurance policy that can withstand a financial blunder caused by a lawsuit.

Responsible business owners need to budget for the appropriate coverages as a precautionary measure in the event of a loss—especially a catastrophic loss.

Liability Insurance
Liability can be defined broadly as the responsibility society confers on businesses and individuals to compensate those injured by their activities. Liabilities can arise from any number of business relationships and transactions, including those with customers, suppliers, partners and landlords. Liabilities also can stem from the maintenance of business premises and even from competing with other businesses. Some sources of liability are unique to the certain industries, while others are not; however, business owners must be aware of various potential loss exposures when setting up and operating their businesses.

Financial Mastery Wealth Management LLC does NOT sell insurance, nor is a licensed insurance agent but works with third-party insurance agents and specialists to find the best, most cost-effective solutions that serve its clients.

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