Business owners, physicians, and other professionals must, at all times, be concerned about the liability that may arise from the operation of their businesses and professional practices. Similarly, people who own real estate, mineral interests investment accounts, bank accounts, and other valuable assets worry that lawsuits may wipe out everything they’ve worked their entire lives to accumulate. And the business owner has to ask whether or not their business (their “bread and butter”) can be taken away, if they have a judgment levied against them personally.
Asset protection is most effective when implemented in advance of a claim, lawsuit, or judgment. Additionally, without prior planning, an individual’s circumstances or developing liabilities may preclude an attorney from accepting his/her case. Seeking to shelter property after a claim is made may lead to an even more serious action for a fraudulent attempt to transfer assets out of the reach of creditors.
We live in a victim-oriented society. Plaintiffs’ attorneys are always seeking large jury awards. Asset protection is proactive planning to protect your assets from future creditors or judgments before they appear. This involves legal strategies that can deter a lawsuit or prevent the seizure of your assets after a judgment. Having a solid plan in place forces legal opponents to recognize very quickly the difficulty of obtaining anything from a claim.
Generally, asset protection plans are much more effective when you have the foresight to set them up well in advance of a lawsuit, and they are stronger the longer they have been in place. In situations where there are a variety of assets involved, your plan may consist of several legal structures.
We analyze your current holdings, as well as your potential liability, and likelihood of future exposure, taking into account your existing business ventures, occupation, and additional factors relating to personal liabilities. We also consider your family situation and your estate planning needs in an asset protection plan.
If you or a company you own are at risk from lawsuits or other claims, contact us today to begin the process of asset protection planning for you and your family.