Risk Management

Risk management is intended to minimize financial and other losses potentially associated with risks to your assets, business or health.


Risk Management and Insurance

Your first line of defense is to identify your sources of risk and then to either avoid or minimize exposures to income and your survivors. Your last line of defense is insurance. Some examples of risk include:

  • Personal and professional liability
  • Business ownership
  • Property loss
  • Catastrophic illness or disability


Asset protection planning manages risks to your wealth. Because life happens, lawsuits, accidents, property damage, and other financial risks are facts of everyday life and asset protection planning looks to transfer the risk of these events through:

  • Repositioning asset ownership
  • Other protections available under the law
  • Insurance (See our Life Events Timeline to help you visualize where you might need insurance protection during the various stages of your life.)


Both genetics and lifestyle affect your risk profile, and although you have no control over your genetics, you do have control over how you live your life. Lifestyle choices can have a direct impact on your health care costs and should also be considered as part of a comprehensive risk plan.


Caring for Aging ParentsLong-term disability and care are vital considerations in the survival of your estate and financial well-being of your family. You may be in good health, active and young enough not to think you need planning for a potential long-term care event, but have you thought about what such an event could do to your family and your finances?  Consider a few facts about long-term care:

  • The cost of in-home care, assisted living and nursing home care is steadily rising each year.
  • Medicare doesn’t cover most long-term care expenses.
  • Medicaid only covers nursing-home care once a person has depleted his or her own assets to poverty levels.

Although medical advances have helped increase quality of life and expectancy, we must still face the realities of aging. The best time to talk about a crisis is before it happens.

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