In this day and age, frivolous lawsuits and overly inflated payouts have become a more common occurrence. Those that abuse the legal system file many lawsuits with the hope of draining others of their personal wealth by adding it into their own. It has become, now more than ever before, essential to protect your lifestyle and wealth.
It only takes one claim to deprive you of your life’s earnings. Unaware of how much at risk they are, most people don’t expect that they will be sued until it is too late. This is why it is so important that you protect yourself proactively. Far too often, people react to lawsuits, when we could have protected them before these unfortunate events.
There are numerous possibilities putting you at risk:
- Injuries caused by auto-accidents or obtained while on your property
- Bad business dealings with a former partner
- Professional misconduct liabilities
- Personal liabilities within a business
- Other’s property or debt that you may have cosigned or had liability as guarantor.
Our main focus is protecting our clients. A common misconception people believe is that just because they have insurance they are protected completely. This is often not true as most people have an insurance plan or package that is suitable to their budget and not so much for their total wealth. Although this can protect some assets, it still leaves much exposed. Using a combination of business entities, special trusts, and legal arrangements our attorneys can ensure your total wealth is protected.
By placing your assets in a foundation, trust, or other entity, it may become more difficult to collect your wealth. This strategy may also provide the additional benefit of reducing the amount of taxable estate.
At the Red Wagon Law Firm, we work with you to evaluate and create a personalized plan of action to best protect your assets from creditors and others. This may involve:
- Evaluating business and personal insurances.
- The creation of detailed trusts that best suit your unique situation.
- Reviewing exempt asset protections are legal under state laws.
- Forming business entities; such as limited partnerships, corporations and liability companies.
As stated before, our main focus is the protection of your lifestyle and assets. While every situation will require a unique set of strategies to best fit you, we have no issue taking the time to ensure you are taken care of properly.