Asset Protection is not about hiding or secrecy.You want an Asset Protection plan that lets you fully disclose your assets, confident that they'll remain safe from your creditor. A judgment creditor can force financial information disclosure through deposition, interrogatories, requests to produce documents or subpoena your records and information from third parties.
Judgment creditors can, and do, find debtors' assets. Loan and credit applications, bank records, tax returns, court cases (such as prior divorce that discloses assets) and insurance policies all provide clues. The paper trail is revealing. Computers expose our financial lives. Judgment creditors and prospective litigants often use professional asset search firms to find concealed assets. Keep your plan 100% legal and ethical and avoid playing "hide the assets" games.
In fact, tell your claimant early in the game exactly what assets you own and how they are titled. Convince a claimant that you're simply not worth suing. Most importantly, explain precisely why they are beyond creditor reach. Make Asset Protection your selling tool.
The cold hard reality of litigation, from an attorney's perspective at least, is that it's almost always all about money. Although they often represent clients on a contingency fee basis, they'll normally do so only if they believe they'll get paid. If a potential defendant has no exposed assets, the attorney won't get paid.
Most plaintiffs' attorneys first do an asset search on a potential defendant before taking on a contingent fee case. If their search reveals few unprotected assets, the attorney is then uncertain whether he will get paid for his efforts. Even if the Asset Protection plan is pierced, the process may be lengthy, expensive, and uphill. The attorney will then insist on an up-front retainer before accepting the case. This shifts the risk of suing a defendant and losing (or being unable to collect) to the plaintiff, who now realizes their lawsuit can be an expensive, risky undertaking!
Make sure you avoid being the easy target by making it difficult and expensive for a litigant to collect against you. Attorneys and would-be plaintiffs usually opt for easier prey. You need multiple layers of protection so that your assets are always well protected. A protected individual can discourage lawsuits as lawyers and their plaintiffs will proceed full-steam against the unprotected, deep-pocket defendants, like a predator going in for an easy kill.
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