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Are you prepared to protect your assets in case you get sued?
Hopefully this won’t happen to you, but the hard reality is that successful, financially secure individuals, especially business owners and professionals, are targets — a magnet for actions such as lawsuits and torts. For example, more than a third of physicians (34%) have had a claim filed against them at some point in their careers.1 For business owners, 36-53% of small businesses are involved in at least one litigation in any given year.2 Even if these claims or lawsuits are frivolous, they can be frustrating and potentially devastating to your financial well-being.
The good news is that there are clear, legal ways for you to protect your assets. The overall goal is to protect yourself and your family by isolating your assets from potential attackers – building barriers that are extremely difficult for lawyers, creditors and other plaintiffs to penetrate. With strong barriers in place, potential litigants will hopefully be discouraged from bringing a lawsuit, or encouraged to settle quickly on terms very favorable to you.
So, what steps can you take to protect the assets you’ve worked so hard to build from lawsuits and other unfounded and even unexpected liabilities?
Protect your wealth before a liability arises or a claim is made. It is much more difficult to put effective protection strategies in place once a claim or liability is present.
Make sure that you have the basic titling and ownership structures in place regarding the assets that you want to protect. Proper ownership/titling and the use of certain entity types like corporations and LLCs can be very effective to help protect assets. Keeping good records and following the rules and standards for your profession or industry can be very helpful. Also, evaluate your risk exposures and potential liabilities and obtain insurance to protect yourself against them to the best of your ability. For example, for many people, a large umbrella policy is generally an efficient, expedient way to safeguard assets.
Beyond the basics, there are numerous sophisticated strategies that you can take to protect your assets. While offering the benefits of asset protection, some of these strategies can be irrevocable, or at best be very hard to reverse, along with possibly having other potential downsides. Also, if an asset protection strategy is poorly structured or not executed properly, it may not be effective when you need it the most. Therefore, when putting asset protection strategies into place, it is important that you work with professionals that are highly qualified and experienced in this area.
If you would like to learn more about how asset protection strategies might benefit you in your situation, please contact your advisor at Atlanta Financial Associates.
1InsuranceJournal.com March 7 2018 For US Doctors, Being Sued is a Common Ailment
2Forbes.com July 14, 2014 You’re Going to Get Sued-Here’s How Not to Get Screwed, Basha Rubin
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Atlanta, GA, December 10, 2020 – We are pleased to announce Five Star award winners Julianne F. Andrews, MBA, CFP®, AIF® and Cathy C. Miller, MBA, CFP®, CRPS®, CDFA®’s appearance in a Women in Wealth special section in the December 2020 issue of Fortune magazine. The “Women in Wealth” supplement highlights Atlanta area women who “stand out” in their industry.
There are very few concepts that can strain relational dynamics and provoke anxiety quite like discussing money with family, especially your young adult children. It generally isn’t something many parents are comfortable doing, and that is under “normal” circumstances. The stress is typically compounded when these conversations occur under duress or will inevitably induce major conflict within the family unit. Sometimes the circumstances are unforeseeable and the stress unavoidable. But many times, the contention can be avoided by simply being intentional and having these tough conversations now and on your terms.
Before you know it, the hustle and bustle of the holiday season will be upon us. In order to minimize stress and maximize your gifting abilities, it’s important to keep in mind a few details that you may or may not be aware of when it comes to charitable gifting.
Medical school students graduate with an average student loan debt of $192,000, according to a 2017 survey.1 And with a demanding career ahead of them, most healthcare workers could use the help of a dedicated financial professional. From tackling student loan debt to preparing for retirement, an advisor can help take the lead on managing your biggest financial goals. As you begin your search for a financial partner, consider looking out for these four signs.
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