What Are the Biggest Mistakes When It Comes to Asset Protection?

  1. Planning too late. 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. Unfortunately, it is most likely too late to protect yourself after problems arise. Americans are not necessarily risk-takers; we just don't always put things in perspective. For example, roughly 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. It's unfortunate because we have seen so many people and families needlessly lose everything they have worked a lifetime to accumulate.
  2. Hiding your Assets. One must never confuse secrecy or concealing assets with Asset Protection, though to discourage lawsuits, financial privacy can sometimes be helpful. A judgment creditor can compel you to disclose your finances under oath. You can't then rely on secrecy. Once under oath you must truthfully disclose your assets. It's perjury to lie to conceal your assets. You want honest protection. With a good plan you can fully disclose your assets, confident that they'll stay creditor-proof. In fact, disclosing a good plan early on can help you settle a lawsuit for pennies on the dollar.
  3. Looking for a cookie-cutter plan. What should be apparent is that there is no one perfect firewall, strategy or plan. You must customize your plan to your specific situation. No single firewall can be everybody's lawsuit-proofing solution, and you must individualize your planning for your needs. You must consider a number of important factors unique to you and your situation such as state laws, your liabilities, your personal situation, costs, etc. For instance, some people may use use both international and domestic (U.S.-based) protective strategies.

Don’t risk your wealth and make one of these mistakes. Contact The Presser Law Firm, P.A. today for a complimentary preliminary consultation.

The Presser Law Firm, P.A.
6199 N. Federal Highway, Boca Raton FL 33487
(561) 953-1050 or e-mail Info@AssetProtectionAttorneys.com