- Estate Planning
- Asset Protection Lawyers
- Asset Protection Basics
- People who Need Asset Protection
Individuals with assets that can be seized by creditors or claimants who bring successful lawsuits against them should consider developing an asset protection plan. Some individuals are more at risk and therefore need a greater degree of asset protection. For instance, surgeons are employed in a field with a high risk for medical malpractice lawsuits. If a judgment is not entirely covered by the surgeon’s insurance, the injured patient may go after their assets. Therefore, individuals who work in a field with a high liability risk or participate in dangerous activities, such as racing, should be particularly wary, but similar experiences can happen to anyone. For instance, all motorists are at risk for car accidents in which they can injure another driver, passenger or pedestrian and a potential judgment may be greater than the amount covered by their auto insurance policies. Additionally, all property owners have the potential to be sued if someone is hurt on their property, and the awarded damages may not be covered by their homeowner’s insurance.
To find out if you need asset protection, fill out the free case review form on the right. Our asset protection lawyers will evaluate your claim to determine whether asset protection techniques can help safeguard your hard-earned assets.
To some degree, most people should invest in some form of asset protection. However, there are certain groups of people who need more asset protection than others. The following describes the types of people who most commonly need asset protection:
Wealthy individuals: Those with a substantial degree of wealth are more at-risk for lawsuits. Therefore, individuals who are considered “wealthy” or “rich” should consider speaking with an asset protection lawyer to learn how to safeguard their homes, businesses, cars and other assets.
Those with imminent problems: Individuals presented with imminent, financial, legal or medical problems may wish to protect their assets. For instance, those facing bankruptcy, divorce or a serious illness should contact an asset protection attorney. Ultimately, anytime you suspect someone may soon be going after your assets, you should begin devising an asset protection plan.
Professionals with a high liability risk: Professionals who work in employment fields that commonly attract lawsuits need asset protection. Those in the medical, legal, pharmaceutical, construction and financial sectors should seriously consider developing an asset protection plan. Although professionals with a high liability risk commonly have some form of insurance, it may not be enough to fully protect them. Asset protection planning can help these individuals take an additional precaution to safeguard their assets.
Even if you are not included in one of the above groups, you may still need asset protection if any of the following are true:
- You are a debtor
- You are struggling with your mortgage or loan payments
- You have substantial business or credit card debt
- You are worried about losing your job or company
- You are about to come into an inheritance or other significant wealth
To assess whether you need asset protection and determine to which degree such protection is necessary, contact a qualified asset protection attorney today. It’s important to remember that asset protection planning is not something an individual should attempt alone. There is often a fine line between legal asset protection and fraud, and many insurance policies, trusts and corporations only work when done properly. To find out how an asset protection lawyer can help guide you through this complex process, simply complete the free case review form on the right.