It’s a sad fact of life and business that one day you, your spouse or child might be faced with a lawsuit or financial catastrophe, such as:
 

• An automobile accident with an uninsured  or underinsured motorist
• Causing an automobile accident with damages beyond the limits of your own automobile insurance policy
• Divorce
• Lawsuit resulting from damage or injury taking place at your home or on your property
• Lawsuit from an disgruntled employee or business partner
• Professional malpractice allegations
• Bankruptcy
• Health crisis (did you know that medical bills are the number one cause of bankruptcy?)

Asset protection can help to:
 

• Have peace of mind that you and your family are protected
• Reduce or avoid probate and estate taxes
• Reduce your exposure to malpractice claims
• Potentially save money on liability and malpractice insurance if less coverage is needed
• Settle lawsuits more quickly and at reduced amounts—once a plaintiff realizes your assets are protected, they’ll be less inclined to incur any more legal costs knowing that their likelihood of recovery is slim
• Protect against exemplary, treble, or punitive damages which typically are not covered by liability insurance policies
• Protect against the bankruptcy of your insurance carrier—there’s no guarantee that they’re still going to be in business when you need them

Just because someone is careful or competent does not mean that he or she will never be sued or subject to a malpractice claim.  We live in a very litigious society and juries like to blame professionals or business owners because they are perceived to have the wealth and/or insurance to pay damages.  And unfortunately, even frivolous claims can cost a significant amount in lost time and legal fees.  The more barriers you can have in place, the more likely the claim will be dropped faster or never initiated at all.