Guide to Financial Asset Protection

Make a prenuptial agreement part of your company's financial asset protection plan

Couples may hesitate to broach the subject of a prenuptial agreement, feeling that it suggests their relationship isn't that strong. However, a prenup involves more than deciding who gets what in a divorce; it can also work in conjunction with your will, to ensure that your spouse receives what you want them to. In fact, a prenup has some advantages over a will, in that a spouse can change his or her will at any time, without the other spouse's knowledge, but a prenup is agreed to by both partners. A prenup is a valuable resource for any business owner, so they can ensure they won't lose their company in a divorce settlement.

I recommend: Find a qualified attorney to help you write your prenuptial agreement through the American Academy of Matrimonial Lawyers.

Protect your assets with an offshore trust

An offshore trust is one of the most popular ways to protect your assets because it keeps money safe from creditors and also keeps it safe in the case of a lawsuit or divorce. With an irrevocable trust, you can put homes, stock or cash in the trust, naming yourself the beneficiary. Some jurisdictions don't recognize foreign judgments, so if you are sued, they cannot access those assets. This strategy is especially effective for small business owners, or those who may work independently, such as doctors and lawyers -- who also run the risk of being sued for malpractice.

I recommend: The Offshore Company can help you with offshore banking, trusts and investing.

Help yourself, and others, with a charitable organization

Creating a charitable organization is a good way of protecting financial assets, and can also save your company money in taxes. You can place your company's assets in a charitable remainder trust, which can then sell the stock, without paying capital gains tax, and reinvest the money. Your company can then receive income from the trust for a specified period of time -- which you set -- and when the trust ends, the remaining money goes to a charity you designate. And, you get a tax deduction for that contribution.

I recommend: Request a free charitable remainder trust planning guide through The Charitable Remainder Trust.com, a company that provides trust planning services in all 50 states.