According to the Insurance Information Institute (2019), one in 20 insured homes reports some type of claim each year. In fact, the average cost of repairing it is $12,000. Good asset protection can help you avoid the total or partial loss of your property and provide legal support in case of damage to third parties.

What is heritage protection?

Let’s start with the definition of heritage. It is “a set of goods, rights and obligations with which a person, group of people or public or private organization, counts to achieve its objectives”. (Sanchez, 2019).

Heritage protection, on the other hand, is a service through which it seeks to protect heritage from threats that may affect its assets. And, in the case of real estate, its maintenance and the people who occupy it.

Patrimonial protection: what is its importance and its process?

What is the purpose of asset protection?

This type of protection aims to reduce the levels of risk in the use and safeguarding of heritage. In addition to protecting the assets, rights and obligations of natural and legal persons.

Patrimonial security is important because it allows you to foresee risks and threats of your property in the face of phenomena that you cannot control. In addition to natural disasters or vandalism, protection includes coverage against potential lawsuits.

Steps for heritage protection

Below, we will detail the steps you should take to protect your assets in Miami:

  • Step 1. Take inventory of your assets and income to understand what should be protected and what should not. From this inventory, you can identify potential risks to your property.
  • Step 2. Conduct a legal and liability review of your properties. Good asset protection can contain multiple layers of protection with legal defense options (Rarick & Beskin, 2018).
  • Step 3: Select the right legal protection for your property. Your legal counsel should tell you which options are most appropriate based on the type of property. Those who have several properties for rent could opt for an overseas trust. Also, register them in a multi-member LLC.
  • Step 4. Take full advantage of Florida’s property laws.
  • Step 5: Integrate your wealth protection plan with your estate plan. Rarick & Beskin (n.d.) submits that it could thus benefit from capital tax exemptions. In addition, this helps you extend the protection of your assets for the rest of your life and for your children and grandchildren. It also provides you with a return on the investment made.
  • Step 6: Protect your property with liability insurance. Your property must include liability insurance. This type of insurance gives you coverage to cover the costs of defending yourself in court.

Advantages of heritage protection in Miami

Here are the main advantages of having heritage protection:

  • By buying homes in Miami, you get legal advantages typical of the state of Florida.
  • The level of protection for property declared as family (Homestead) in Florida is one of the best in the United States. This type of property offers tax exemption. Along with 100% protection against forced sales (Sierra De-Varona, 2014).
  • An irrevocable life insurance trust can be useful for the protection of large and medium-sized properties. This protection is the most viable option to protect your property from potential claims by your creditors. Upchurch (2020).

The first step to investing in the real estate market is to explore Miami homes for sale. Next, make sure you have adequate asset protection . For the whole process to be a success, you will need the accompaniment of a good lawyer all the way. Legal advice facilitates each of the steps described.

A good legal advisor gives you clarity, as he has knowledge of the legal framework of the real estate market. In this way, errors of interpretation of laws and regulations that could trigger losses are avoided.

You may be wondering: where in the process should I consult a lawyer? You can do this from step two onwards. It won’t just help you with paperwork. He will also advise you on which asset you should protect and which you should not. In addition, it will tell you how you should do it. A real estate investment in Miami could become your dream business. Patrimonial protection is the right way to secure your investment from any natural phenomenon or potential legal threat. Seek legal counsel throughout the process and get the peace of mind you need to focus on what’s really important. That is, enjoying life and doing business, for example.