Asset protection is one of the most complex areas of law, and it takes a highly competent attorney to navigate the ins and outs of the governing legal standards. If asset protection has been on your mind, then you know that what you own is worth protecting. We at DCDM Law Group want to help put you at ease by discussing the specifics of your situation and helping you to understand all of the options available to you, so that you can make an informed decision about what strategies could be right for you and your wealth.
Protect Your Assets: Why it Might be Time
- Your wealth has recently increased significantly. If you’ve recently inherited a large sum of money or otherwise increased your assets, now may be a good time to reevaluate the protections that you have in place. You might want to increase your liability coverage to ensure that even new acquisitions are safe: according to Forbes, liability policies tend to cost only $250 or so per $1 million of coverage, so chances are it will be well worth the investment.
- You want to protect your assets for future generations. There are several strategies that can be employed to protect against the losses of taxation. Every individual and family has a unique situation, and the strategy will reflect the types and number of assets you hope to pass on.
- You’re in a profession with a high risk of lawsuits. No one is immune from being sued, particularly in this litigation-happy day and age, but some professions place you at far greater risk of being the subject of a lawsuit: doctors, for example, and particularly obstetricians, are under constant scrutiny. It’s important to note that you don’t have to do anything wrong for a lawsuit to cause enormous damage: whether a malpractice suit has merit or not, it can pose a serious threat both professionally and financially, and you don’t want to be caught unprepared.
- You’re an entrepreneur or a business partner. If you run a business with a partner, you may be surprised by how intertwined your finances could become in the event of a lawsuit. Depending on the legal specifics of your partnership, a claim against your partner could potentially place your personal assets at risk…even if the claim has nothing to do with your business, but stems from your partner’s personal life. Similarly, if you’re an entrepreneur, forming a business entity for those assets can keep your personal assets protected for business-related lawsuits and claims.
- You’re considering divorce. Divorces are painful enough without worrying about your financial security, but the unfortunate reality is that if you haven’t had a conversation with an experienced asset protection attorney, it can be difficult to know how your finances could be affected.
An Asset Protection Lawyer You Can Trust
Regardless of the specifics of your circumstances, it’s never too early to think about protecting what’s yours. The time to have the conversation is before a claim is filed against you: once that process has been initiated, your legal options become severely limited, and trying to take certain protective measures at that point could have serious consequences. If you’re already facing a lawsuit, there are still steps we can take, but time is of the essence: contact us to have a conversation with a skilled estate attorney today.