Lawsuits have become one of the next biggest businesses. Your chances of being involved in a lawsuit increases each year as more and more people turn to lawsuits as the solution to solve monetary problems and more and more attorneys join our profession looking to earn their piece of the financial pie. Lawsuit can stem from anything.
For professional industries which carry higher associated risk such as real estate, construction, medicine, accounting, or hospitality, you may find yourself in the cross hairs of impending lawsuits more often than other professions. Most of these professions carry liability insurance to offset some of the risks associated with the business. However, unfortunately insurance does not cover the majority of lawsuits. While it is smart to have liability insurance coverage (which we recommend), it often times does not cover the actual incident, or the coverage may not be adequate to cover the amount of a lawsuit judgement.
Owning a business gets you the freedom of being your own boss but at the end of a long day it could feel like that’s about it. Business owners often have a target on their back for litigation. The trouble could arise from employees, contracts, service/product malfunction, failure to provide a service or product, working conditions, working hours, workers compensation… The list goes on.
You should know that if you own real estate in your personal name, any incident that happens on that property can be attached to you personally. It does not matter if it’s your primary home or if you have rental units and a tenant is injured because of something on the property. The more you own in your personal name the more personal risk you will assume.
If you have checking, savings, or investment accounts in your personal name, consider yourself a tree with low hanging fruit. If you have a judgment against you, this is an easy asset for taking. Lawsuits have become the get rich quick option for many people and unfortunately there are many unscrupulous lawyers willing to take these cases.
The Presser Law Firm, P.A. specializes in working with people who need to create financial security for themselves, their families, or their businesses. The first step to protecting your assets is to understand your current exposure and risk. Contact us today for a complimentary preliminary consultation with one of our experienced attorneys to learn more.
The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com