Asset Protection Specialist Offers Disaster Safeguarding Tips

Published: Monday, December 10, 2012 at 15:59 PM.

    • Have adequate insurance. In fact, over-insure your assets! Those include -- but are not limited to -- your car, home, and other valuables. You never know what you could lose in a natural disaster.

    • Diversify your assets geographically. This is extremely important in the case of natural disasters. Use international asset protection to help disperse your valuables into some non-U.S.-based jurisdictions.

    • Safeguard your paperwork. Collect and copy all paperwork and have it accessible in the event you must evacuate. Give the second copy to a trusted financial advisor, attorney or trustee for safekeeping. Take a video of every room and keep an itemized asset list with your paperwork. That way, you’ll have the documentation to present to your insurance company when filing a claim. Photos and videos, as well as receipts and documents showing the value of those assets will help.

    • Safeguard your business. Create a plan of action to implement in the event of a natural disaster, and practice implementing it. Hurricane Sandy illustrated the problems business owners faced in trying to resume operations during widespread power outages and equipment destroyed by floodwaters. Do you have a generator? Can you utilize cloud computing? Keep a record of all payrolls and business documents remotely so that if you don’t have access to your business dwelling, you can still access copies of all important business documentation.

    • Make sure your estate plan is up to date. Everyone should have an updated Estate Plan, including minor children. Choose one trustworthy person to be the executor of your estate. This person should have a hard copy of your financial account information and list of your assets, including intellectual property and passwords that you can access in the event of a natural disaster.

About Hillel L. Presser, Esq., MBA

Hillel L. Presser’s firm, The Presser Law Firm, P.A., represents individuals and businesses in establishing comprehensive asset protection plans. He is a graduate of Syracuse University’s School of Management and Nova Southeastern University’s law school, and serves on Nova’s President’s Advisory Council. He also serves on the boards of several non-profit organizations for his professional athlete clients. He is a former adjunct faculty member for law at Lynn University. Complimentary copies of “Financial Self-Defense” are available through www.assetprotectionattorneys.com.



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