Protect Your Assets (part three)
In our past couple of editions we have discussed some foundation asset protection strategies and explored some of the misconceptions regarding various matters. We have also highlighted the need to obtain specific advice for your own situation before a problem arises.
But, what if you are now faced with a financial situation and stand to lose your home and other hard earned assets. Is there anything that can be done to protect them?
The first thing, as we have mentioned, is to seek advice as soon as possible. Sure, it will cost you some money (that you do not think you can afford!) but in the long run it really will save you.
When seeking advice to protect your investments, we recommend that you compile a list of all monies owing. To whom they are owed including when they are due for payment. On a separate list note any monies owing to you, the balance of bank accounts, and an approximate (best guess) value of any assets. These lists should be separated for your personal, and if applicable, your business situation.
With this information, together with your most recent income and expenditure details, awe can start to analyse the situation and provide some guidance. For example we may recommend:
- seeking advice from a specialist insolvency expert
- working with you to organise payment arrangements
- talking with your bank to obtain a ‘repayment holiday’
- lodgement of BAS or Tax Returns to obtain refunds
- sale of some assets
- calculating unpaid entitlements owing to you
- starting a new entity to minimise ‘insolvent trading’
- seeking legal advice to recover monies owing
- refinancing your debts to reduce repayments
There are numerous options and every situation is different. The first and most important option is to seek advice early. So, if you find yourself in a difficult financial situation, don’t just bury your head in the sand and hope it goes away, please contact us as soon as possible. After all, we can all be in that position at some time in our life. We are here to help!