You’ve worked hard your entire life and made smart financial decisions to accumulate a lifetime’s worth of wealth, savings, and assets so that you can live your best life in retirement. With years of denying yourself the fancy things in life, you’ve even accumulated substantial wealth to pass down to your loved ones as inheritance. But did you know that you can lose everything you’ve worked hard for in a heartbeat if you’re sued? If you are in business, or a particular profession, or a partnership of some sort, you can get sued for a wide range of reasons. In America, more than 4 million lawsuits are filed every year. Currently, civil litigation is a multi-billion industry in America, where business owners, professionals, guarantors, and entrepreneurs are targeted as a source of revenue. Employees, creditors, theft, divorce, health issues, natural disasters, sexual harassment claims, and disgruntled business partners are some of the issues that can result in life-altering lawsuits for those who think they are immune.
Whether it is a legal dispute involving your business or marriage, a frivolous and predatory lawsuit by unscrupulous individuals taking advantage of the loopholes in the legal system to deprive you of your assets, or a health issue for which you’re being charged for medical negligence, a lawsuit can be stressful and financially disastrous. With huge litigation expenses involved in lawsuits, being embroiled in a lawsuit of any kind could leave you bankrupt in the end. That is why the importance of asset protection planning cannot be overemphasized. No one in business, professional service, or in a partnership of any kind is immune to lawsuits. No matter how well you’re doing, turning a profit is not enough. You must protect your business from creditor claims and lawsuits, and a skilled estate planning attorney can help. At Leydorf Law Firm, PLLC, our area of greatest expertise is utilizing the best strategies to protect our clients from claims and lawsuits. A knowledgeable and experienced Lansing asset protection planning lawyer can provide you with invaluable advice of how best to protect your assets.
If you are in business or professional practice, you could be hit by the following possible threats:
Your employees may get injured in the course of duty or cause harm to other people. For instance, a driver in your company may run over a pedestrian, and you could be held responsible.
With America being one of the most litigious countries in the world, it’s easy to find yourself being a target of a lawsuit regardless of the profession you are in. If you use the right legal structures to protect your assets and income from lawsuits, you can successfully defeat creditors’ claims. A top-rated attorney can conduct a comprehensive analysis of your assets to determine the ones that are vulnerable to a lawsuit and help you create a plan to protect the assets that are excluded by insurance coverage in Lansing. Typically, insurance has exclusions and may not cover all your assets. Therefore, working with a local attorney allows you to seal any gaps left by your insurance policy. Because liquid assets are easier to lose to creditors, a protection plan can help you categorize liquid assets so that they are well-protected.
No matter the size of your business, asset protection is a must; otherwise, you’ll fall prey to financial predators that are always using the legal system to deprive hardworking individuals of their assets. While there are many asset protection strategies that can be utilized to shield assets from lawsuits, a strategy that works for another person may not work in your situation. That’s why you need to work with an experienced asset protection planning lawyer in Lansing, Michigan, who can help you choose the best strategy that works in your situation. Having helped countless clients to protect their assets successfully, Leydorf Law Firm is unbeatable when it comes to asset protection planning in Michigan. We’ve built our reputation on the professionalism of our asset protection planning attorneys and sound legal counsel and strategies. One of the tools used to protect assets is an irrevocable trust. This tool must be established properly to provide adequate protection from lawsuits. As its name implies, you cannot change its terms once it’s created, and you don’t have control over the trust’s assets. Unlike a revocable living trust, an irrevocable trust is managed by a trustee who has the discretion to make any necessary changes or distributions. Therefore, if you are sued, and the creditor wins against you, the assets in the irrevocable trust will not be considered yours.
Overall, asset protection planning provides many benefits to an individual’s financial future. Make no mistake, you can find yourself facing a serious lawsuit no matter how careful you are. At Leydorf Law Firm, PLLC, we will help you create a customized asset protection plan that will protect your assets and income from lawsuits. A skilled Lansing asset protection planning attorney can meticulously analyze your situation to find out the best strategies for you. Contact us today for a Family Wealth Planning Session.
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