Married Women Property Act-360 Degree Protection By.Pradeep Patil
We protect those things in people's lives that are precious beyond all calculation
We protect those things in people's lives that are precious beyond all calculation
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An easy way around this dilemma is to keep in mind that all business insurance and all policy types<br />
cover<br />
One of four things:<br />
<strong>Property</strong>,<br />
Liability,<br />
People or<br />
Income<br />
<strong>Property</strong>: The property used in your business such as the structure you do business in or the vehicles<br />
used in your business need to be protected.<br />
Liability: No one is perfect, your business may make a mistake and, especially if your business is open to<br />
the public, there is always the chance your business will be held liable for an injury or error.<br />
People: At the heart of every business are its people. You and your officers, managers and employees are<br />
the company's greatest assets and must be protected.<br />
Income: Without income the business does not survive<br />
What is a protected asset?<br />
Asset protection is a type of planning intended to protect one's assets from creditor claims.<br />
Individuals and business entities use asset protection techniques to limit creditors' access to<br />
certain valuable assets, while operating within the bounds of debtor-creditor law.<br />
What is asset preservation?<br />
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques<br />
and a body of statutory and common law dealing with protecting assets of individuals and business<br />
entities from civil money judgments<br />
What is protection from creditors?<br />
Creditor protection refers to laws that protect both the creditor and borrower in case of payment<br />
defaults. These laws are referred to as creditor protection. Creditor protection protects defaulted<br />
borrowers from creditors.<br />
Most home-based businesses will be sole proprietorships or partnerships. As such, the law sees<br />
you and your business as inseparable. If a liability claim is successfully made against you and your<br />
insurance isn't adequate, then you face losing your personal assets, including your home. Its one<br />
thing to lose money when a business fails — it's quite another to lose your family home because<br />
you failed to insure yourself adequately<br />
Loan defaults, business failures, property attachments and legal complications are common<br />
problems that affect entrepreneurs, senior management professionals, business families, business<br />
owners and other such high and ultra high net worth individuals (HNIs and UHNIs). Such individuals<br />
and entities have begun to realise the importance of creating safety nets to safeguard their personal<br />
wealth. Safety nets offer protection against the fallout of unforeseen business and personal<br />
circumstances. Used the right way, they constitute legal ways of ring-fencing one's business,<br />
personal or family wealth.<br />
Three factors must be considered: Timing, quantum and growth. Timing pertains to the question of<br />
whether the funds will be available when required or only at pre-determined time periods. Quantum<br />
relates to whether the mechanism in question can build a sizable corpus for the family, while growth<br />
refers to growing of wealth and beating the kind of inflation that HNIs experience.
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