Asset protection is very important as it helps to prevent or significantly reduce the risk of losing your assets in the event of litigation and from the claims of creditors. Asset protection assures you of having assets that will continue to generate income for you and your family and minimizes the potential risks that can harm your business or your finances.
Litigation is especially common in today’s society where anyone is encouraged to make a claim or sue people who have lots of money. Civil litigation is thus one of the most common ways for plaintiffs to sue hardworking business owners, professionals, and employees.
The longer your asset protection plan is in place, the stronger it is. Thus, you should act fast to ensure your assets are comprehensively covered and protected. Here is a list of the various people who come to us for asset protection services.
High Net-Worth Individuals and Business Owners
Individuals with a high net worth are especially vulnerable to litigation due to their high income, and their accumulation of wealth and assets. This makes them the target of creditors and predators, who are keen to prey on any lapses, obligations, damages, liabilities, or issues by the high net-worth individuals.
Mortgage and debt obligations to third parties, professional or product liability, and consumer-protection issues are just some of the concerns high net worth individuals and business owners have to contend with. If insufficient steps are taken and these issues are not handled properly, they risk losing many personal and business assets. For high net-worth individuals, this loss may amount to millions and billions of dollars.
It is thus crucial for these individuals and business owners to have asset protection to limit creditors’ access to valuable assets while ensuring that they uphold the debtor-creditor law. For business owners, having asset protection minimizes the disruption to their businesses and ensures business continuity.
If your company assets are not insulated, then creditors may have a genuine claim to the assets of your business. This may end up halting part or all of your business operations, and affect your business’ reputation. Asset protection thus regulates and helps to limit the assets that creditors can gain access to.
High Visibility or Prominent Member of the Community
Individuals with high visibility or are prominent members of the community, whether it be a religious, business, political, or societal community, may have a target on their back and be prone to litigation. This is even though they may not be a high net worth individual or a business owner.
These members have a high risk of being targeted by predators and creditors perhaps due to their political ideology, personal beliefs, policies, or reputation. It is thus important for prominent members of any organization or community who have high visibility to seek asset protection to provide a safeguard against legal threats. This is because there may be many malicious and wrongful lawsuits filed against them to harm their reputation.
