What to expect from this section
Expected time to complete: 2 min
Why do you need a Trust?
Here's what could go wrong!
There are literally hundreds of possible life events that could, and often do, happen to ordinary people, every day, that puts their financial lives at risk.
We all buy car insurance, not because we expect to have an accident, but in case we do. The cost of NOT having insurance far outweighs the insurance premiums we pay to protect against catastrophe.
For the same reasons, most home owners buy home and fire insurance to protect their biggest financial asset in terms of replacement costs. Yet surprisingly, not everyone is smart enough or has enough disposal income to purchase the insurance. For those people, a nightmare story is all too often the news headline in the local paper.
What most people don't realize though, is that their greatest asset is their ability to earn an income. That is what affords them the ability to acquire assets in the first place.
It is also what entices asset predators to come after that wealth in all manners of lawsuits arising from car accidents, divorce, frivolous and deep pocket lawsuits, dog bites, tenants, business failures, personal injury cases, and numerous other potentially devastating events. Once there is a perceived pot of gold at the end of the lawsuit rainbow, lawyers will convince their clients to sue for maximum garnishment of income and seizure of assets for restitution.
Any assets or future income flows can be taken from you using the courts.
Take your time to review the following examples and the links provided to get a better understanding of the real world threats that could happen to you, and already have happened to millions of other ordinary people.
Learn to protect your family from such threats BEFORE it happens to you. As an insurance salesman once said, you can't buy fire insurance after the fire has already started.
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