Protecting your property and other assets from various risks involves more than just obtaining adequate insurance coverage. It also entails making strategic decisions about forms of asset ownership. While you'll find many risk management options out there, none should be pursued hastily. By taking ample time to make wise decisions about insurance policies and forms of asset ownership, you can effectively mitigate the risks posed to your health and wealth, helping to ensure longevity for you and lasting value for your family.
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Protecting your property and other assets from various risks involves more than just obtaining adequate insurance coverage. A well-considered and routinely reviewed plan should help ensure that your family’s health and wealth are protected for the long term.
Safeguarding your souvenirs: When bringing home more than just trinkets from your travels, make sure your homeowner's insurance covers their value
Some homeowner policies have special limits on electronics, jewelry, and other valuable items, like artwork. To make sure all your valuables are covered, you may need to purchase a separate rider with special coverage.
The easy way doesn't always pay: An insurance solution that saves you time might end up costing you in taxes
A corporate redemption arrangement for dealing with the death of a business owner is easily arranged, but can distort the company's' value and is subject to potential corporate-level income tax on the insurance death benefit. Other complicated rules can also apply.
Foreign life products as an investment: Compelling but not clear cut
Life assurance policies typically provide some tax savings in the country of origin. However, they also tend to have significant fees, and the US income tax treatment of these policies isn’t entirely clear.