How to Maximize Asset Protection and Shield Your Wealth with Jim Dew at Joe Polish’s Genius Network

Episode Summary

Would you like a checklist of 5 key areas you need to know about to protect your money?  Would you like a smarter way to set up your business entities to protect your wealth?

Keep listening.

Jim Dew is president of Dew Wealth Management and has been a compliance officer and regional manager for a national financial services company. His experience supervising financial planners motivated him to start his own independent firm in order to provide unbiased, objective advice.

Here’s a glance at what you’ll learn from Jim in this episode:

  • A checklist of 5 key areas you need to know about to protect your money
  • Jim tells you how to put together a plan so you assets can’t be taken
  • A smarter way to set up your business entities to protect your wealth
  • Liability Insurance 101: What it is, how much you need and exclusions you need to watch out for
  • The difference between revocable living trusts, self-settled trusts, SLA trusts and off-shore trusts
  • C_____ I______: A vehicle savvy entrepreneurs use for transferring risk and gaining greater tax advantages
  • What every entrepreneur needs to know about lawsuits, claims, creditors, accidents and more
  • The benefits and drawbacks of life insurance (and how to use PPLI’s to gain all the benefits without the drawbacks)”

Show Notes

  • Asset protection is about protecting your wealth from lawsuits, creditors, and other dangers. It’s essentially a plan so that your assets can’t be taken.
  • Are you using entities like corporations in a coordinated manner to get the best protection? An easy idea is having two entities that control your business’s operations and assets separately.
  • A family limited partnership is great for estate planning and wealth protection.
  • You should have liability coverage over and above your standard coverage. A simple rule of thumb is to go to the next million for additional coverage.
  • Read your exclusions page, you don’t want to see punitive or exemplary damages. These kinds of damages can add thousands or millions of dollars to a suit. Your policy should expressly exclude punitive or exemplary damages.
  • If you sit on the board of a charity or a bank, make sure you know the directors insurance that covers you and what’s in that policy.
  • Know what your state says about your IRA. A captive insurance company is another great tool for protecting your wealth as well as being a tremendous tax vehicle.
  • Private placement life insurance is great for people with a higher net worth.
  • Life insurance comes with a lot of benefits but can also come with a lot of disadvantages, PPLI comes with all the benefits but with none of the drawbacks. The downside is you need around 15 to 20 million of net worth.
  • A self settling asset protection trust allows you to have a co-trustee instead of using a simple family trust which leaves you vulnerable.
  • Another option is an offshore asset protection trust, just don’t try to avoid your taxes with it.
  • Score yourself on a scale of 1 to 10 on how well your are protected in each area. Total up your score, if you have a score of 40 or higher you’re in a good spot. If you have a score of 20 or lower you are at great risk. Take to a wealth advisor that cares about you and get your plan set up.

How to Maximize Asset Protection and Shield Your Wealth with Jim Dew at Joe Polish’s Genius Network

April 17, 2018


How to Maximize Asset Protection and Shield Your Wealth with Jim Dew at Joe Polish’s Genius Network

April 17, 2018

Episode Summary

Would you like a checklist of 5 key areas you need to know about to protect your money?  Would you like a smarter way to set up your business entities to protect your wealth?

Keep listening.

Jim Dew is president of Dew Wealth Management and has been a compliance officer and regional manager for a national financial services company. His experience supervising financial planners motivated him to start his own independent firm in order to provide unbiased, objective advice.

Here’s a glance at what you’ll learn from Jim in this episode:

  • A checklist of 5 key areas you need to know about to protect your money
  • Jim tells you how to put together a plan so you assets can’t be taken
  • A smarter way to set up your business entities to protect your wealth
  • Liability Insurance 101: What it is, how much you need and exclusions you need to watch out for
  • The difference between revocable living trusts, self-settled trusts, SLA trusts and off-shore trusts
  • C_____ I______: A vehicle savvy entrepreneurs use for transferring risk and gaining greater tax advantages
  • What every entrepreneur needs to know about lawsuits, claims, creditors, accidents and more
  • The benefits and drawbacks of life insurance (and how to use PPLI’s to gain all the benefits without the drawbacks)”

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SAVE THE DATE

THE GENIUS NETWORK® ANNUAL EVENT

NOVEMBER 2019

Meet, connect and collaborate with experts who've attended or attending like Dan Sullivan, Randi Zuckerberg, JP Sears, JJ Virgin, Dean Graziosi, Cameron Herold, Tony Robbins, Trent Shelton, Naveen Jain, and more...


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