Asset Protection-In Brief
Domestic asset protection taking advance of legal measures to possibly delay, deter or completely avoid the attachment or levy of your property or business by a judgment creditor. Simply stated, it makes it difficult or impossible, for your assets to be subjected to a lien or taken by someone who sues you professionally or personally, wins and tries to collect on their judgment. (Please note that this is distinguishable from other legal tools that limit you and your practices’ exposure to judgments, which are critical important to reduce a personal judgment and is a deterrent to any suit.)
Who Needs Asset Protection Today
Today, any individual who provides professional services (e.g. physicians) or owns real estate (in addition to homestead property), can be the target of an for unforeseeable personal injury or harassment lawsuits where insurance coverage is unavailable or insufficient. Nowadays, most people who seek asset protection advice are business owners concerned about the unknown, about personal guarantees on their credit lines or leases and real estate owners whose portfolio include over leveraged property that may never yield positive cash flow. Knowing your options and rights will maximize your legal protection.