When you think of your automobile, golf cart, boat, plane or other adult toys they are not usually your most valuable assets. With many clients we see these assets left un-protected or even worse titled in their personal name. Unprotected assets can quickly and easily be seized by creditors and auctioned off to satisfy a lawsuit judgement. Or worse, these assets can expose you to personal liability. You have a few different ways that you can protect these assets and we will share a few of the more common ones we see.
Good: Some people title these types of assets to the less wealthy spouse. This limits the amount of exposure to your more valuable assets which assumingly would not be in the spouse’s name. This is not a suggested method but still better than nothing.
Better: Titling your risky assets to a separate entity such as an LLC will better protect you against the uninsured accident where someone else (such as a child) causes the accident and a lawsuit follows. If a judgment is imminent it is usually enough to refinance a vehicle, boat or other to avoid losing it to the judgement.
Best: We would recommend that our clients purchase an umbrella liability. Title your asset(s) to an LLC and place liens against it or lease your vehicle to yourself through the LLC.
You never want to co-own an asset such as a vehicle, boat, or plane as husband and wife because both spouses would be sued if there was ever an accident. The objective with protecting your assets is to personally insulate yourself from liabilities which could be caused by the asset as well as insulate the above listed assets from any judgements against you.
Contact The Presser Law Firm, P.A. for a complimentary preliminary consultation with one of our experienced attorneys today.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com