What is Asset Protection?

 

Asset protection is the process of safeguarding one’s wealth against those who may have claims against it such creditors and litigants and eventually passing it to your heirs with minimal taxes and without court proceeding.

 

WHEN SHOULD I START WITH ASSET PROTECTION?

 

The best time to start asset protection planning is before problems arise. If you’re a doctor, for example, you want to have your ducks in a row before you start taking on high-risk patients that could potentially sue you; the same goes for virtually every other profession or line of work. You don’t want to be in a situation where your assets are at risk - be it because of a lawsuit or any other reason - and you don’t have the legal structures in place to make sure that they are protected. The goal is to establish protection before it is needed, so you can never act too early.

WHAT IF I WAIT UNTIL I NEED ASSET PROTECTION?
 

Think of it this way - if a lawsuit is filed and a judge notices that you’ve been moving your assets around as if you were anticipating a negative judgement, odds are you’ll have little to no luck winning the case. That being said, if you wait until you actually need asset protection, it’s safe to say your chances of protecting your hard-earned assets are close to none if you end up losing your case or being in contempt of court.

WHICH CREDITORS CAN SUE ME?

 

Asset protection is needed because:

  • You can be sued for normal consumer debt. A bank loan could result in a claim against your assets.

  • You can be sued by a partner or business associate.

  • You can be sued as a business owner by any of your customers.

  • You can be sued as a shareholder of the business by other shareholders.

  • You can be sued as a corporate officer or director and can be held personally liable for the corporation’s liabilities in spite of the limited liability feature of the corporation.

  • You can be sued for car accident or accident at your home involving a guest.

  • You can be sued for lack of insurance. Liability insurance promises to provide coverage for some type of liability often provides only a limited coverage. Sometimes such coverage is negated by the numerous exceptions buried in the policy.

  • You can be sued by a former spouse.

  • You can be sued by Medicaid for nursing home costs.

 

CONTACT US

FAAN LAW FIRM

Add: 3808 Union Street, Suite 11A

         Flushing, NY 11354

Tel: 718-766-2567

Fax: 718-360-9695

Email: abc@faan.com

Web: www.faan.com

​Working Hours:  Monday to Friday, 10am - 6pm

 

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