More women than ever are business owners. Women also live longer than their husbands and need their money to last longer. These are just two reasons that women need to work to protect their assets. Insurance is the primary and simplest way to protect your assets, but it’s important to diversify asset protection. Other options for asset protection include the use of C corporations, which consolidate capital separate from your personal assets. You could consider familial or limited liability partnerships, LLC’s, which function as a halfway point between corporations and partnerships, and trusts. Several different kinds of trust may be applicable, including protective, irrevocable, domestic self-settled, and off-shore (foreign) trusts. In total, it is imperative, as a woman, to utilize some or all of these techniques, to protect your financial well-being.
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Asset protection for women: beyond insurance