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WHY ASSET PROTECTION The current litigation explosion in our society is forcing professionals, small business owners, as well as the common homeowner to focus on ways to protect their savings, investments and other accumulated assets that have become attractive targets for plaintiff attorneys. The U.S. legal system stacks the deck against the defendant and is in favor of the plaintiff. This is especially true if the plaintiff has deep pockets to pursue. U.S. judges are also not always competent to handle the cases that come to them. Many times the court issues judgments that are not just or fair. The average person will be sued five times in their lifetime and faces the very real prospect of being on the receiving end of an at-fault judgment. Failure to prepare for that contingency can result in the instant loss of a lifetime’s accumulated wealth. Once a suit has been filed or one is anticipated, the law prohibits the transfer or moving of assets. Although, assets may be moved under certain conditions, it is always better to arrange for this before the fact. Locating Your Assets? How does a lawyer find something you have of value? Very easily. They hire one of many firms that specialize in locating assets for attorneys. They can locate bank accounts, real estate, brokerage accounts, auto, businesses, etc., all in your name. In fact, many times a contingency fee attorney will do an asset search on you before he even bothers to sue you. He wants to make sure you have something of value before he spends his time and money. There is little about your personal and financial well-being that cannot be found. However, if the assets are not in your name and are instead listed in the name of a corporation, trust or partnership, fining them becomes much more difficult (if not impossible) and expensive for the plaintiff’s lawyer. NEXT
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