Asset Protection Attorney Miami, FLIf you are a Florida business owner or run a professional practice, such as a medical or law office, your business and personal asset may be at risk to any legal action or other claims that a party may pursue against your business. There are certain actions against your business that can also have a significant impact on your personal finances. This is why it is critical to take the appropriate steps to protect those assets before any of these situations arise. The following is a brief overview of some of the tools an asset protection attorney Miami, FL business owners recommend. For details about your particular situation, contact MW Patton Asset Protection Attorney.
While historically, asset protection steps were usually taken only by the wealthy, real estate investors, and other high-earning (as well as high-liability) professions. Although those individuals do face significant risks to personal assets, the truth is that in today’s world, asset protection is important for any family who wants to ensure financial stability.
The goal of asset protection is to create a wall between a person’s assets and any credible threats, such as litigation, debt, and medical expenses. A few of the ways a Miami, FL asset protection attorney may suggest includes:
- Place assets in a trust: By placing your assets in a trust, you still maintain control over them, but they are insulated from civil litigation and debts that a party pursues against your business. Using trusts also helps avoid probate. The contents of the trust are automatically transferred to the beneficiary you choose upon your death.
- Liability insurance: Having enough liability insurance can also help protect your assets. Make sure you have the appropriate business insurance, homeowner’s insurance, automobile insurance, and other appropriate liability insurance policies to cover any potential lawsuits against your business or practice.
- Limited liability company (LLC): In some situations, forming an LLC will create another layer of protection to personal assets against any action taken against your business.
How Can We Help?
It is never too early for a person to implement asset protection plans. Remember, there is always a risk, no matter what your situation. Asset protection is also important for people who may not own their own business. For example, a person who owns their own home or has other assets gets into a bad vehicle accident with high damages. A jury finds that person caused the crash, and they are ordered to pay the victim a significant amount of financial compensation, more than the amount of auto liability insurance they carry. That judgment and the amount they own the victim will follow that person for years until the judgment is fully satisfied. That can include liens against their home and any other assets they have.
To learn how an asset protection attorney in Miami, FL can help protect you and your family’s future, contact Wayne Patton JD, LLC today.