Just about everyone needs some level of asset protection planning in today's litigious society. It's no secret that more and more people are using the legal system to deprive others of their life's work.
It really doesn't take much to find yourself at the center of a lawsuit. Maybe you were in an auto accident, made a mistake on the job, or had a business relationship go sour. Did you know that your property and your hard-earned assets could be at risk of creditors and legal judgments?
Fortunately, there are a number of asset protection strategies that you can implement with the help of our firm to keep your family's wealth protected.
Step one would be the creation of a plan to avoid catastrophic loss from legal judgments altogether. This can be accomplished using legal tools such as trusts and LLC's to lower your “wealth footprint” so that you no longer appear to be an attractive financial target. Remember, plaintiff's attorneys are constantly looking for “deep pockets” to sue. If they don't believe there is much to recover from you, they will be less likely to take someone's case against you.
However, in the event that you cannot avoid a lawsuit, then a solid asset protection plan can help ensure a more favorable outcome in your case. Again, protection measures such as trusts and LLC's will put your assets further out of reach and give you, the defendant, an upper hand in settlement negotiations.
Keep in mind that the time to engage in planning is before the hint of a lawsuit or conflict arises. Any attempt to transfer assets after you are in distress can carry serious consequences, both legally and financially. The very act of moving assets in the heat of a legal battle for the purpose of delaying or hindering a creditor or legal opponent is called fraudulent conveyance, which is a crime.
The time to move your assets is when you are not at risk. This can be safely done with the help of our firm who will ensure all transfers of assets are made properly and within appropriate timeframes. If you have additional questions or you'd like to get started, we invite you to contact our office at 260-969-1177 to schedule a consultation.