When people think about asset protection, they typically think about somebody who has a great deal of money, or a significant amount of possessions, that need to be protected. However, while real estate moguls and wealthy individuals may need intensive Asset Protection Planning, the average person may still need to plan to protect their assets. For example, if a person starts up a small business, protecting their assets may help against potential legal issues that could cost them their personal property.
When a person is sued, the plaintiff will seek compensation, usually in cash. In some instances, in place of cash, property from an individual can be taken to pay punitive damages. In some cases, the taking of assets will be stipulated in the lawsuit. However, if these assets are protected, personal property cannot be taken.
That’s why it’s important to speak with an attorney at the Facer Law Offices. They will put together a proper plan to protect the assets of their clients. There are ways in which assets can be transferred to family members or transferred to a trust. This takes physical ownership of these assets away from a business owner. Should their business be sued, or they be individually sued, the assets can’t be seized for payment or punitive reasons.
However, this only scratches the surface of what asset protection can do to protect assets. The fact is that every situation is different. Speaking with an attorney that understands Asset Protection Planning is the best way to determine what plans are going to be right to protect the assets of a business or an individual. Only a lawyer knows the legal terminology that will protect assets from creditors or someone that wants to sue.
Most people don’t worry about their assets being seized because of a lawsuit, but a person doesn’t have to be wealthy to be caught up in these types legal issues. Unfortunately, it happens all the time, and many people are woefully unprepared. However, with proper asset planning, your assets can be protected from any potential lawsuit. This allows you to have access to your property for your own personal use or they can be available as an inheritance to your family and loved when you pass away. You can also like them on Facebook for more information.
