This embodies strategies created to help neutralize the effects of events that may be catastrophic to your financial situation. Such events include financial losses incurred as a result of others’ misdeeds, negligence resulting in you getting sued, health issues suffered by you or your dependents, the passing of an income-provider, and severe investment losses. Of course, many times, the actual events cannot be prevented, but in virtually all instances the negative consequences can be significantly reduced or eliminated. Some strategies employed to accomplish asset protection are the procurement of insurances specific to the risks being covered, the transference of asset ownership to trusts, and proper diversification within investment portfolios.
DFS handles a wide array of insurance products such as life, disability, and long-term care, and also manages portfolios with regards to the client’s risk tolerances and the timelines for withdrawals from portfolios.
Simply put, unless each potential risk, which has a reasonable possibility of occurring, is covered, asset protection may be limited to hopes, prayers, or wishes.