Unfortunately, there are individuals out there who abuse the legal system to deprive others of their life’s work. In this highly litigious society, millions of people file lawsuits against physicians, attorneys, entrepreneurs, corporations and wealthy individuals for millions, and many of these lawsuits are frivolous or settle for far more than their worth.
We’ve all heard about lawsuits where someone sued a large restaurant chain after being burned by hot coffee, or someone who sued their employer for sexual harassment and walked away with millions, all the while crippling the company. For the licensed professional such as a doctor or accountant, or for the wealthy individual, these types of lawsuits are in the back of their minds until they take proactive steps to shield their assets from creditors’ claims and lawsuits. You can pretend the threat is not there, but ignoring it can backfire when you least expect it and it can cost you a fortune.
All professionals such as business owners, licensed professionals, real estate developers, and property owners should be fully aware of the risks associated with conducting business and practicing in their respective fields, not to mention the responsibility the law imposes on them to protect others.
Until we have a massive overhaul of the legal system, the risk of liability is not going to decline any time soon. Assets can be at risk for a number of reasons, including:
- Professional malpractice
- Business disputes
- Contract disputes
- Liability arising from injuries suffered on your premises
- Employee lawsuits
- Partnership disputes
- Liability from co-signing on the debts of another
- Liability from misconduct
- Personal liability for the misconduct of employees or corporate officers
Making the decision to shield your assets from perceived or unperceived threats is not about giving in to your fear or refusing to take the blame, it’s about empowering yourself to withstand whatever the legal system throws your way. Our firm has over 40 years of combined experience implementing time-tested, proven techniques that will help protect your wealth and safeguard your assets legally.
We regularly represent individuals, professionals and business owners with the goal of helping them protect their assets from potential liens, judgments and litigation. Some of the tools for asset protection include using limited liability companies and living trusts among other estate planning tools that provide for maximum protection.