Traditionally, men are more compelled to seek asset protection plans. There’s no surprise to that to some extent, as the society dictates that men should be the provider and women should be the homemaker. That’s becoming a thing of the past now, however.
Although it was never marketed to just one gender, California, New York, and Utah asset protection has now piqued the interest of many modern American women. If you’re one of them, Christensen Young & Associates noted that the following facts make more sense:
New American Breadwinners
According to data released by the U.S. Census, about one out of five wives now earn more than their husbands do. About 11% of wives make between $5,000 to $29,999 more than their spouses, while 9% of wives earns at least $30,000 more than their significant others. Indeed, this revolution is changing the structure of a typical American household.
As many women these days build wealth faster than their counterparts from years ago, it’s only sensible to explore different plans to preserve and protect their assets against any form of claim in the future.
Female Entrepreneurship on the Rise
Apart from bringing home a bigger salary, 21st-century women are successful entrepreneurs. In fact, there are nearly 10 million women-owned businesses as of 2012, according to the National Women’s Business Council. What’s more impressive is that 89.5% of these firms are one-man businesses.
As a company owner, regardless of its size or net worth, it’s in your best interests to protect it from creditors. As your business is a product of your blood, sweat, and tears, you must every legal effort to safeguard it against the possible exploitation of others.
The Fairer Sex Lives Longer
Whether you amassed your wealth through hard work or inheritance, your assets are most likely going to last longer because women outlive men in general. As you’re more likely to have a longer time in this world, the more challenging it is to maintain your wealth you’re alive. Without smart planning, you might lose your valuables before you get to transfer their ownership legally to your dependents.
Asset protection planning is an important legal process all modern American women should heed. As this is certainly a complicated matter, you must seek the assistance of an experienced lawyer to avoid its common pitfalls.