Layers of financial security is a blessing that only a professional asset protection specialist can offer. It can offer peace of mind before, during, and after a legal fiasco. Read on to find out how.
Before a lawsuit
The instruments of asset protection planning offer financial privacy that mitigates your wealth signature from snooping eyes. Precisely, 80% of the lawyers in the world are in the US. Plus, state websites also have a number of self-help resources telling people how to file their own lawsuits. So, if you live in a litigious jurisdiction like the US, asset protection is a must-have.
We’re all aware of some hallmark lawsuits, with the suit against McDonald’s being the most famous. In this case, a lady sued them for serving coffee in a drive-thru after she spilled it on herself, receiving severe burns. The cases such as these would have contingent lawyers lining up, dreaming about dollar bills. We all know that McDonald’s is a deep-pocket defendant and can easily satisfy the judgement.
However, the story would be different if this incident happened at a ‘mom-and-pop’ coffee. It would be impossible to claim a lawsuit of damages worth in millions of dollars. In fact, only a handful of lawyers would take the case on contingency.
Through asset protection planning, you get financial privacy, which reduces your wealth signature. With appropriate planning, a person may appear to be a poor lawsuit target, irrespective of how many assets he has.
What’s the only way to win a lawsuit then? Avoid it.
During a lawsuit
Assume that an individual can’t avoid a lawsuit and litigation is initiated. An individual plan can make for a much more shorter process and a much more favorable outcome. After getting the information regarding asset protection, you take action. It won’t help you to know about it alone. You need to set up the legal tools first, subsequently transferring your assets into them.
A person may access appropriately protected assets behind strong planning tools for just about any purpose. However, a court order can’t attach them. In this case, a legal opponent comes to the recognition that your assets aren’t readily available. They’re almost impossible to seize. Therefore, substantial negotiating power is held by the defendant.
After a lawsuit
An individual judgement proof may be made by certain planning tools. The assets of an individual are protected even in the instance of a legal battle that turns into a judgment.
This is the strongest-available asset protection, requiring a properly established and maintained asset protection trust. The individuals have the option of creating one of these trusts in a few foreign jurisdictions and a variety of states. By using these instruments, assets are titled to the entity of a person instead of his name. The person may benefit from the trust assets that comprise savings, investments, and property. They are eligible for acquiring monetary distributions that can’t be used to satisfy a judgement or be distributed to any other individual or entity.
Looking for experts?
Looking for an asset protection specialist? Awesome! Contact Rockwall Security Associates LLC now. Our asset protection services can offer immediate benefits to the financial future of an individual and his family. We can tailor a plan depending on your assets, risk, liability, and comfort level.
