Lawsuit asset protection in Florida should be considered by many across the state looking to safeguard assets from those who may be looking to take a piece of your wealth. Lawsuits are filed across the country every day, leaving business owners and entrepreneurs susceptible to them. A lawsuit can be devastating to those who find themselves contending with such a litigious situation. Costly legal fees and assets that are at risk can be risky. Wayne Patton JD, LLC has seen firsthand the impact that can occur when assets are not adequately protected. When considering the process and your options, it’s only natural to have questions regarding asset protection in Florida.
What is lawsuit asset protection?
Over time, it’s only natural that many people amass more assets. Whether assets are obtained in a person’s personal life or through a business, protection should be a top priority. Nearly anyone could be at risk of legal proceedings such as lawsuits if you are accused of negligence against another person. Asset protection is a way of insulating assets legally without engaging in illegal practices. By insulating assets, one can protect them from legal judgments made against you.
When should I consider initiating the process of asset protection?
It’s essential to be aware that asset protection should be initiated before a problem presents itself. Once legal action is taken, you may not have the ability to protect assets as it may appear as though you are attempting to conceal assets. If the judge finds that you were trying to conceal assets, you could be held in contempt, which can come with hefty consequences.
What is the risk of a lawsuit without asset protection?
Asset protection is complicated enough, but when a lawsuit is filed against someone, it may be even more challenging to safeguard assets. While it can be tricky, in some cases, depending upon what could be at risk, it may be in your best interest to consider moving forward with asset protection. However, this will require the guidance of our Florida lawyer.
How do estate planning and asset protection relate to one another?
Estate planning and asset protection efforts are tools available to safeguard a person’s wealth. A lawyer will work closely with their clients by listening to their needs and providing available options. Estate planning differs because it is a set of documents outlining a person’s final wishes and how they would like assets distributed should they become incapacitated or pass away. Asset protection provides strategies that prevent creditors from taking away the wealth you have worked so hard to build.
While anyone may consider asset protection in Florida, if you are in a profession that is more susceptible to a lawsuit, it may be in your best interest to contact Wayne Patton JD, LLC for guidance. Several professions such as medical professionals, doctors, real estate agents, and government officials could be more at risk. However, nearly anyone can be put in the position to see their assets at risk. To learn more about lawsuit asset protection and the proper steps to take to safeguard all that you have worked for, call today.