Many professionals are concerned about asset protection. For example, certain professionals such as lawyers, doctors, dentists, architects, accountants, engineers and other professionals that work in “high-risk” areas are more susceptible to malpractice lawsuits. And if successful, a lawsuit can reach personal assets and devastate one’s family finances and all that you’ve worked hard for over the years. Others that own or operate certain assets, such as rental property or commercial vehicles, are also at a higher lawsuit risk that could impact their personal assets.
Many people don’t realize that even a single lawsuit, even if it has no merit, can still threaten what you’ve worked hard for over your lifetime to build and save. Many aren’t able to recover from the financial hardship.
What many don’t realize is that there are things you can to limit your liability exposure and protect your assets. We can help you create a comprehensive plan that maximizes your liability protection, keeping your assets away from future lawsuit creditors, while still allowing you control and flexibility.
Don’t wait until it’s too late to engage in asset protection planning. If you transfer assets or take actions to avoid liability from a pending lawsuit or act that has already occurred (even if a lawsuit hasn’t been filed yet), such transfers may be viewed by the courts as an attempt to defraud creditors and will likely be voided.
The proper time to do asset protection planning is before you have an issue. To learn more about common estate planning issues, check out our free guide, Estate Planning Pitfalls: The 12 Most Common Threats to Your Estate & Your Family's Future, or to discuss your estate planning concerns, please call our office at 919-443-3035 or use our contact form.
