Our asset protection & business planning attorneys Illinois residents rely on knowing that every American adult shares a dubious characteristic—each is a walking litigation target. Part of your birthright is that you may be sued at any time, for any reason, and for any amount.
Civil actions range from the serious to the frivolous. Did you offend someone today with something you said? Did you cause someone to suffer sudden whiplash syndrome in the parking lot? Are you a professional facing a disgruntled client or patient? Do you own a company employing someone who did something irresponsible on company time? Did you err on the side of caution… or throw caution to the wind?
Each choice you make might be construed as “actionable.” That is, someone might spin a good case—or at least a good story—about how you crossed a line in some way, and why you should now pay dearly for your failure.
Sadly enough, the more money you have the more tempting a litigation target you are. And you are an even riper target if you value privacy in your affairs. The “discovery” phase of litigation will put an end to your uncivil habit of protecting personal information.
Well, you could hope for a sudden triumph of common sense in the land. You could hope that plaintiffs with ridiculous claims will suddenly feel shame and go skulking into obscurity. You could hope Congress will start returning cash donations from trial attorneys and embark on a frenzy of tort reform. Or you can seize the opportunity to control that part of the equation you actually can control, and build a protective barrier around your family and business assets.
Yes, there are proven strategies that will ethically preserve your wealth and keep the vultures at bay. Your most powerful weapons in this fight will be a variety of estate planning tools, including the Family Limited Partnership, the Irrevocable Life Insurance Trust, the Children’s Trust, and Foreign Asset Protection Trusts. You need to consult with the qualified Illinois asset protection & business planning attorneys from Bott & Associates, Ltd. to protect you and your family.
Do you need an estate attorney to help with your asset protection plan?
You may be realizing that you need the help of a qualified estate planning attorney to help you with your assets and building an asset protection plan. This can be a huge process if you don’t have the help of the right attorney. As noted above, many people do not realize just how big of a target they might be when it comes to how someone else could take away what they have worked so hard for. If you are interested in seeing the ways we can help you protect yourself, your family, and the life you have worked so hard for, give our office a call.
Protecting Your Assets
When you create an asset protection plan, you are essentially safeguarding your wealth and property. It is extremely common for both individuals and companies to have an asset protection plan in place. This means if a legal dispute were to arise, you would be able to protect certain property from creditors or someone else bringing a legal battle your way. So, if someone files a lawsuit against you, the mere process of being involved in a lawsuit could leave you bankrupt with many of your assets taken, that is, if you do not have an asset protection plan in place.
When should I begin working with an attorney?
Ideally, you would begin working on this plan with your estate attorney long before anyone brings a lawsuit against you. This makes it a smoother process if something does happen legally and creditors begin coming after your assets. A good way to defend what you have earned is always to prepare in advance.
How can an attorney help?
There are many tools an attorney can use to help you when you want to protect your assets, whether it is a retirement plan, asset protection trusts, or something else. Your attorney can walk you through the advantages and disadvantages of certain tools and explain which one would be best for you. When you work with an estate planning attorney, you want to speak with them openly about what kinds of assets you have and what your expectations are in protecting them. Your attorney can work with you and explain how certain laws work and what the best ways are to protect your assets.
Want to learn more about asset protection? Call our asset protection and business planning attorneys in Illinois now.