How to reduce your assets risk?
With the right advice there are many ways to minimise risk associated with your assets, whilst reaping financial rewards, such as;
- Increase your lending limits when your income is stable for future draw down if necessary
- Lock in interest rates
- Ensure you have stand-alone investment loans (not secured to other investments or home)
- Invest via Trusts for tax benefits and Asset protection
- Private assets moved to the partner or spouse with the least risk and lower tax rates
- Income protection insurance – to protect your earning capacity
- Trauma and critical illness insurance – for immediate lump sums
- Wills protecting your estate and transferring assets per your specific instructions
If you have not sought the correct advice where your assets are concerned then the potential losses to you financially can run into the thousands.
Case study. Protecting assets in hard times
New clients to the firm William and Jodie, recently came into our office seeking advice on how to protect and maintain their assets whilst continuing to deal with a difficult family issue.
William works in the building industry and has done for over 25 years and Jodie worked in Real Estate. Together they juggled life with two children whilst their combined income maintained mortgage repayments.
Early last year Jodie received news that she had early stage breast cancer and required immediate treatment. Jodie stopped work to focus on her illness and William took time off to support Jodie through chemotherapy.
A little over a year later with William struggling to cope with mortgage payments on his own, they are in financial trouble.
From a financial planning perspective, insurance could have saved them this financial hardship.
If William and Jodie had personal income protection, life insurance, trauma and critical illness insurance, they would have been paid a lump sum figure that would have covered the mortgage for a period of time until Jodie could get back on her feet.
Fortunately we were able to assist by offering solutions for the present and asset protection advice moving forward.
‘Strategic Financial Advice’ offer unique and tailor made plans designed around your needs that are adaptable to market and personal changes and asset risk reduction to market movements.
Call Strategic Financial Advice today to protect your family and assets before something happens to you!