Planning too late. It comes back to that one word – procrastination. But why should that be surprising. Who really thinks about protecting their wealth until they're in jeopardy of losing it? That's when they begin to 'sweat'. And, typically, that's when they call us. But think about it from a different viewpoint. Only one out of five adult Americans have even a simple will, and what is more certain than death? It is little wonder so few people think about asset protection until they are sued.
Americans are not necessarily risk-takers; we just don't always put things in perspective. For example, fifty million new lawsuits will be filed this year, yet there will be only five million injuries and deaths from car accidents. You are then ten times more likely to get sued than to injure or kill someone in a car accident. However, you wouldn't go without car insurance. You would be ten times as foolish to ignore lawsuit protection. And the number of new civil lawsuits this year will be nearly eighty times the number of residential fires. You probably have insurance to protect your home against fire, but what simple steps have you taken to safeguard your home from lawsuits and creditors? It's all logic, but that's not how most people think about these things. And it's unfortunate because we have seen so many people and families needlessly lose everything they have worked a lifetime to accumulate. It's sad.