Let's discuss some other assets one can own and how we can protect these 'miscellaneous' assets.
There are many other assets that range from bank accounts and wage income
to life insurance, jewelry, vehicles, intellectual property and even money
due from others that you can lose in a lawsuit. These ‘miscellaneous’
assets are frequently overlooked and unprotected. Everyone should complete a
detailed inventory of
every asset that they own. They should then check their state exemption laws.
Some of these assets may be partly or fully protected from lawsuits. For
example, bankruptcy and state exemption laws oftentimes protect life insurance,
annuities, burial plots, tools of the trade, vehicles, wedding rings,
wages, child support payments and social security payments. We have already
discussed the homestead and retirement account exemptions. You must then,
obviously, title miscellaneous assets that have no statutory exemption
to one or more protective entities, encumber them with liens or adopt
other protective strategies.