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Because insurance protects you from the unexpected, it plays a crucial role in your comprehensive financial plan. Marcum Financial Services provides a wide array of quality insurance alternatives that can offer an important layer of safety for you, your family and your business.
If you have not put an asset protection plan in place, your wealth maybe vulnerable to potential future creditors.Should the worst happen, you could lose everything. Lawsuits, taxes, accidents, death and other financial risks are facts of everyday life. Although you'd like to believe that you are safe, misfortune can befall even the most careful person.
What can you do? First, identify your potential loss exposure, and then implement strategies that are designed to help reduce that exposure without compromising your other estate and financial planning objectives.
There are three basic asset protection techniques: insurance, statutory protection, and asset placement. None of these techniques is a complete solution by itself, but may make sense as one limited component of an asset protection plan.
The simplest way to cope with risk is to shift the risk to an insurance company. This should be your first line of defense. Before you do anything else, review your existing coverage. Then consider purchasing or increasing coverage on your insurance policies as appropriate.
- Death and disability
- Medical risk, including long-term care
- Liability and property loss (both personal and business)
- Other business losses
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Type of Insurace
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How Does It Work?
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Life insurance
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Provides the beneficiaries of your life insurance policy with funds upon your death so that your assets will not need to be used to pay final expenses and estate taxes.
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Disability income insurance
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Pays benefits to replace part of your earned income while you can't work due to illness or injury so that you continue to meet your financial obligations (e.g., mortgage).
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Health insurance
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Pays medical expenses incurred as a result of an illness or injury, so that you do not need to use your assets to pay for them.
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Long-term care insurance
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Pays for certain in-home and nursing home care expenses, preserving your assets for your heirs.
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Homeowners insurance
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Pays for certain property damage and losses so that the property can be repaired or replaced without you having to use other assets to do so. Also covers certain liability claims.
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Automobile insurance
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Pays for damage to your automobile so that you can fix or replace it (collision/other-than-collision coverage). Also covers certain liability claims (liability coverage).
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Umbrella liability insurance
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Provides liability protection above and beyond basic coverage provided by homeowners and automobile policies.
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Business or professional insurance
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Pays for certain business losses (e.g., property damage, business interruptions, liability claims).
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