Lawsuit Asset Protection Miami, FL

There is no denying that we are a litigious society. In fact, it is estimated that there are 40 million lawsuits filed each year in the United States. Many of those lawsuits are filed right here in Florida, against doctors in malpractice lawsuits, business owners in contract disputes, and more. This is why it is essential for anyone who could potentially be sued to take the steps and implement lawsuit asset protection Miami, FL clients trust from MW Patton, Asset Protection Attorney.  

Asset Protection Strategies

There is a common misconception that the tools that are available to protect assets may not be legal and could end up causing even more legal issues. The truth is that laws have been created – and these tools designed – in order to provide a way for individuals and entities to protect their assets in the event someone should take legal action against them. However, it is critical to take these steps before there is any kind of legal action taken, not after the fact. It may actually be illegal to do after the fact under certain circumstances.

The following are some of the ways our firm can provide lawsuit asset protection in Miami, FL:

Irrevocable Trusts

Irrevocable trusts are another form of asset protection from litigation. When individual places their assets in an irrevocable trust, they no longer “own” these assets but are instead owned by the trust. The individual still maintains control over the trust if it is set up that way.  

Retirement Plans

Under the Employee Retirement Income Security Act of 1974 (ERISA), all employer-sponsored retirement plans and pensions (401Ks, defined benefit plans, profit-sharing plans) are protected from creditors. This protection also includes protection from lawsuits. While there are limitations as to how much can be maximized, an individual can guarantee they are securing their assets for the future against many types of judgments. Keep in mind, however, funds are not protected from divorce actions or IRS collection.

For those individuals who do not have an employer-sponsored retirement and therefore do not qualify under the ERISA, our attorney can still work with you to provide asset protection that is available under Florida law.  

Gifts

If a business owner has assets that they know they will be gifting or giving to their spouse, children, or another person in the future, making that gift now will protect those assets from any legal claims against them.

Forming an LLC

Whether an individual is a sole proprietor or part of a business entity, forming a limited liability company (LLC) can provide asset protection against any legal action taken against the individual.

There are a wide variety of ways to protect your assets. To learn more, contact Wayne Patton JD, LLC to learn how we can help you with lawsuit asset protection in Miami, FL. Call our office today.