The answer is an unequivocal “yes.” We use an independent third-party custodian whose inherent protections are unsurpassed by any other company in our industry. You do not write any checks payable to PCA or any PCA employee. Checks are always payable to the third-party custodian. Statements, tax reporting … it all comes from the custodian. We use TD Ameritrade primarily.
If you don’t have umbrella liability coverage, or if your coverage is not equal to your assets, you may want to increase it. This type of insurance is often affordable and a no-brainer in these litigious times.
Any monies held in joint accounts are at risk if the joint owner faces a lawsuit, divorce or some other legal action.
A business partnership that isn’t formally buttoned up is hazardous. A lawsuit against your partner could put all of your assets at risk.
If you have a small business, do some consulting or dabble in some manner of part-time work as a side gig, you need to do so under the structure of a corporation (LLC or S corp, for instance). Without that formal business structure as a protection, a lawsuit exposes all of your personal assets to potential loss.
Whether you’ve amassed your wealth over time or know that you will soon come into substantial assets through inheritance or a liquidation event, it’s imperative to have in place the protections that can shield you from having it stripped from you.
Unable to meet in person? You may also set up a phone appointment by calling the delightful Anna at 704-366-5776, ext. 289.
CIMA, CFP, ChFC