Individuals with a high net worth tend to place a lot of value on asset protection. After all, they have more assets than the average individual and often in multiple forms. High net worth personal insurance is but one way they can protect their assets.
As seen on https://www.sboneinsurance.com/, high net worth individuals often need more protection and coverage for their assets. Many choose both a comprehensive home and auto policy. In addition, many add in an excess or umbrella insurance policy and even cybercrime. The changing landscape of the world means tackling risk from different perspectives.
Some retirement accounts naturally protect your assets such as 401k accounts. If someone sues you, they cannot access the money socked away in these types of accounts. Creditors cannot take these assets either.
Another way to protect assets is by creating a trust fund. Set up the fund prior to a lawsuit to obtain all the protections granted by these accounts. There are multiple types of trusts available depending on individual needs and wants.
Protecting assets with retirement accounts, trusts and high net worth personal insurance are only a few ways to address the inherent risks of wealth. Consult an experienced attorney for additional measures and other considerations including taxes.