Asset Protection

How likely are you to be a party to a law suit? Sad, but more likely than you are to end up in the hospital. About 24,000,000 lawsuits are filed in this country every year! Suppose you’re afraid of a lawsuit and want to protect what you have. Typically, your own homeowner’s insurance umbrella policy will cover up to $1M. Note that this is far more than your typical auto insurance policy and has to be purchased separately. What if the judgment against you is greater than the amount of insurance and you have the assets that the other party can go after. With high costs of today’s health care and rehabilitation, this money will not last long. Irrevocable trusts, Offshore trusts, Family Limited Partnerships, Spendthrift Trusts, A variety of vehicles, if used very carefully, may help with making you more law suit proof.

First a few words about fraudulent conversion in U.S.A If you owe money to someone and try to transfer your assets to avoid payment in this country, the transfer can be judged ineffective and the creditor may be able to collect from you. You and your attorney may be found liable.