What is sound risk management exactly? In this section, we discuss the many insurance options you can consider to protect your family and assets. Yet there’s more to it. Learn how to protect against IRS identity fraud and why it may make sense to create a trust or limited partnership.
A well-considered and routinely reviewed risk management plan should help ensure that your family’s health and wealth are protected for the long term.
Each year, a greater number of individuals are confronted with new fraudulent schemes by those intending to obtain money or personal information. The federal tax system is increasingly a target of these efforts. These attacks have been concentrated in two areas—first, filing fraudulent income tax returns to wrongfully claim refunds and second, obtaining personal information by impersonating Internal Revenue Service officials, either by phone or by e-mail. The personal information is then used to commit fraud or other crimes using the victim’s name and Social Security number.
Considerations for protecting your property and other assets
Because effective risk management is a critical component of any sound wealth management plan, it should be approached with care. By taking ample time to make wise decisions about insurance policies and forms of asset ownership, you can better mitigate the risks to your health and wealth.