Why Privacy Matters in Asset Protection Strategies

High-net-worth individuals have a lot to consider when it comes to asset protection, but one important factor that not everyone thinks to take into account is how well your asset protection strategy protects your privacy. How does your attorney or financial advisor work to protect your privacy? If you’re not sure, you could be putting yourself at unnecessary risk.

asset protection strategies

Most Info Is Just a Click Away

The internet provides us with a lot of connectivity tools, and nowhere has it had more of an impact than on privacy. Sensitive information is easily available with just a few website clicks. In fact, people with high net worth might be at even higher risk for the exposure of personal information. This is because they are more likely to have transactions recorded that can be traced electronically through the internet than someone who has lower net worth and fewer assets (property ownership, public salary information, asset registrations, etc.).

Even information you would prefer to keep private is more accessible than ever, which can make financial planning more difficult without the right strategies and tools.

Opportunistic Plaintiffs Can Make Life Harder

When financial information is readily available online, it can make you the target of an opportunistic plaintiff looking to make a quick buck from a frivolous lawsuit. With so much information available online about assets, properties, bank accounts, salaries, net worth and more, anyone who is wealthy could quickly find themselves embroiled in a lawsuit or on the receiving end of demands for money.

Information that is readily available about your net worth or the extent of your assets could also come back to harm you in civil or personal cases—for example, a divorced spouse or an ex-business partner who decides to sue.

You never know who might be keeping tabs on your overall net worth online, so the more privacy you can get, the better.

Commercial or Business Interests

The more public your financial information, the more likely you will be exposed to commercial sales calls, business propositions and other unwanted requests as well. While not as troublesome as lawsuits, it is certainly an inconvenience when you are constantly interrupted by phone calls, emails or even in-person solicitations for donations.

For all these reasons, it’s important to work with an attorney and financial advisor who understands the tools available to protect your assets, and the importance of protecting your privacy in the process. Find out how Cantley Dietrich can help by contacting us about your asset protection and financial planning needs today.