Q&A: Protecting your assets

Q: What do I need to know about asset protection? How do I do it?

Your state's homestead exemption (the amount of equity in your home that cannot be reached by a creditor) also is important to determine, as is the consideration of an umbrella policy (a personal liability insurance policy that protects against catastrophic events or lawsuits). Also understand that the state you live in generally dictates which asset protection laws apply, a particularly important consideration for doctors who do locum tenens or independent contracting work in multiple states. Situations do exist where the state in which a person's assets reside or are held also may determine which rules and regulations apply.

Answers to our readers’ questions were provided by Eric T. Seybert, CLU, North Star Resource Group, Minneapolis. He is a registered representative with CRI Securities LLC and Securian Financial Services Inc., members FINRA/SIPC, registered investment advisers. CRI Securities is affiliated with Securian Financial Services. Seybert does not provide specific tax or legal advice. Please consult a tax/legal professional for specific advice. Send your money management questions tomemoney@advanstar.com
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