How Asset Protection Can Stop Lawsuits
If you run a business, your assets are at stake – including your personal assets. If your business is structured in certain ways, someone suing you could take all your personal assets, leaving you with nothing. You need to protect your assets, either through changing your business structure or another route. An asset protection attorney can help you make sure that your personal assets aren't at risk.
Less Incentive to Sue
If all your personal assets are protected from litigation, and through the court's eyes, you have few things of value, there won't be much incentive for many people to try suing you for frivolous reasons. You'd be an unpleasant target because there would be no financial reward for putting you through the lawsuit.
No Money for the Plaintiff's Legal Fees
On a very practical level, if someone were to sue you and try to take all you've got – but all you've got has been protected from these types of lawsuits – then whoever is trying to sue will not have that huge of a reward to look forward to, to pay off their legal bills. If you did something that could be the subject of a lawsuit that you'd lose, the court might still order you to pay the plaintiff something in damages. But with asset protection, you wouldn't have the court turning over all you own to the plaintiff, and that could cut into what they'd get by a substantial amount.
Note: This Is Not Protection From Probate
After you die, your assets go through probate unless you take steps to protect them from probate. While you are technically protecting assets here, this is a different type of protection. Protecting assets from probate simply means that you're making it possible for your heirs to inherit without a court reviewing your will. In asset protection against lawsuits, you are protecting everything from the possibility that someone will sue you for everything you've got. So, even if you think you have everything protected already because you've put your assets in a living trust, you have not necessarily protected them from litigation.
Contact an asset protection attorney now if you are in a position where someone could sue you for business reasons and take your assets. It's worth the time and money to protect what you have from potential litigation outcomes.
Reach out to an asset protection services provider, such as Anthony L. Barney, Ltd. Attorneys & Counselors At Law.
