Litigation is a major threat to everyone: the business owner, the professional and the retiree. Except where there is adequate and suitable insurance coverage, almost everyone should be concerned about Asset Protection.
Our experienced attorneys who focus on Asset Protection (“AP”) believe that AP is more achievable than many other legal outcomes. How does AP work? We generally recommend:
- Avoid risk-oriented activities unless you have adequately determined that suitable insurance coverage is in place, or that the risk/benefit is satisfactory for taking the risk;
- Consult with a qualified insurance agent and attorney skilled in insurance law to be sure you know what is, and equally important what is not, insured;
- Own assets that are most likely to be exempt from the claim of your creditors;
- Title your assets in an appropriate manner, utilizing business entities, trusts, or contractual arrangements which are appropriate to the circumstances; and
- After addressing (1) through (4) above, if you fear that financial difficulties may be ahead, consult with an attorney as soon as possible who is familiar with federal bankruptcy laws.