If you wait until trouble starts, your options to protect yourself and your assets are slim to none. However, planning in advance of problems fully protects you and your possessions.
Frivolous Lawsuits. People are sued today not necessarily because they have done wrong, but because they have high and exposed net worth, and thus are worth the predator’s time to pursue. Defending a lawsuit is so expensive that most people have to give up partway through ad settle just to get out of it.
According to the Insurance Information Institute, litigants sue whoever has a ‘deep pocket’. If you have an unprotected home, cash or insurance that deep pocket is you.
What Situations Create Liability And Danger of Financial Loss?
Acts of Others such as parents, children, employees or partners. Your son drives a car registered in your name, causes an accident, which leads to a lawsuit judgment, which can easily wipe out your assets. In an accident case, the courts do not allow you to protect assets from the day of the accident forward, even if a lawsuit related to it does not occur for months or years afterward.
Community Property is especially dangerous. The financial well-being of your entire family is subject to the decisions and risks that you or your spouse takes. In a community property state such as California, if you are sued your predator can get all of both your sand your spouse’s assets. For example, when a surgeon enters an operating room, the financial future of his or her family lies on the operating table. The outcome of the surgery will impact the patient physically and the physician financially.
Well Drafted Documents and Strategic Planning are Critical.
Karmen A. Booker is an Attorney, Business Consultant and Owner of Compu-Perfect Professional Services, a business consulting firm specializing in Business Entity Formation (Corporations, Limited Liability Companies, and Nonprofit Corporations), Completing 501(c)(3) Federal Tax Exemption Applications, Grant Research and Writing services, Asset Protection, and more.
Attorney Booker has developed the Asset Protection Kit that helps you:
* Transfer your estate to the loved ones of your choice
* Provides you with Asset Protection tools that you can use to:
1. Avoid probate which is a court process for validating a Will and a deceased persons estate is distributed in accordance with the Will or via the state’s law of intestate succession.
2. Transfer your assets to your loved ones more quickly than a Will.
NOW is the Best Time to Protect Your Assets.
Here’s where you can grab your copy of my Do-It-Yourself Asset Protection Kit which has been discounted by 50% off the regular price – https://kbooker.wordpress.com/asset-protection/
Try My Do-It-Yourself Asset Protection Kit and Get 2 Free Bonus Reports.
- Bonus 1: Make Sure Your Assets Go to the Ones You Love
- Bonus 2: Will vs. Living Trust – Which is Best For You