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Asset Protection Fundamentals
Over the last few decades, expanding theories of liability and the great proliferation of litigation has given increased emphasis to Asset Protection Planning. Business owners, physicians, other professionals, real estate owners, investors and other individuals of high net worth must always be concerned about the potential liability arising from the operation of their business or professional practice or ownership of their real estate as against their personal assets.
We live in a victim oriented society. There is a strong societal tendency to blame misfortune and general ills on some specific person or entity and to attempt to obtain financial remuneration from the targeted defendants. Plaintiff lawyers are always on the look out to take cases on a contingency basis because of the alleged “pot of gold” waiting in the form of expensive jury verdicts at the end of the case. The US court system cannot be trusted what with expanding theories of liability and jury prejudice against persons of wealth and influence. The deep pocket theory is ever present when the “have nots” try to pursue claims against the “haves”. There is a multitude of potential creditor claims and because of the tremendous arsenal of creditor remedies, doctors, other professionals, business owners and all persons of some wealth have to properly structure their assets so that they can be preserved and protected. The key element here is proper planning and preparation in advance, which includes not only devising and developing an Asset Protection Strategy, but also properly implementing it with the help of a skilled and experienced attorney.
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