In business and accounting an asset is anything owned, whether in possession or by right to take possession, by a person or a group acting together, e.g. a company, the measurement of which can be expressed in monetary terms. Assets are listed on the balance sheet.
Since assets represent every material possession that a person or a company has, some steps should be taken in order to protect them.
Not everybody can afford a sophisticated asset protection plan: however, everybody can take some commonsensical steps to better-protect their hard-earned wealth.
1 GOOD ADVICE
Good advice may save you of many headaches. Ask a lawyer to assist you every time you make a critical legal decision. If you have a friend who can help, that is great! If not, paying a lawyer a small amount of money now is a lot better than loosing a lawsuit that could cost you a 100 times more.
2 INSURANCE
Insurance is always something to be considered. Your asset protection plan does offer a lot of safety, especially if an expert devises it, but the value of a good policy is higher when you also have some adequate insurance.
3 CAUTION
Trust your asset...
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