When someone else is sued, it is a statistic, but when you are sued, it is a nightmare. For many years our Firm, The Presser Law Firm, P.A. has protected the wealth of thousands of people against lawsuits and other financial dangers because even one lawsuit can be financially devastating, and it can happen at any time. The ultra-rich or famous are not the only ones that get sued. Thousands of ordinary people who had only hoped to build some financial security for themselves and their families, unfortunately, find their lives changed with a lawsuit. You too, undoubtedly, know people or businesses who were financially devastated by at least one economic disaster. If it happens to others, it can happen to you.
Many poorer but wiser folks called us for help, but it was often too late - the sheriff had earlier auctioned their home, carted away their furniture or seized their bank account. Those more forward-thinking who took steps to protect their wealth before the threat of a lawsuit remained relatively unscathed by legal problems. Still, few people seriously think about protecting their assets until they are sued, which is unfortunate. Only one in ten Americans has lawsuit protection aside from their liability insurance. A million lawyers hunt for lawsuit defendants. They and their litigious clients are a clear and real danger to anyone who has exposed assets of any value or level. America is the world’s lawsuit capital, and you do not have to do anything wrong to get sued and lose. You may be in the wrong place at the wrong time and your wealth can be lost. Worse yet, you cannot predict what you might lose in a lawsuit. Plaintiffs with minimal injury pocket millions in punitive damages frequently.
The social elites of past eras sheltered their massive wealth with trusts, family corporations and other protective entities to privatize or lawsuit-proof their property. As the incentive to sue and passion for the many lawyers seeking a quick payout grows, so does the field of targets for lawsuits. Virtually every American with any assets now needs protection. To dispel a common misconception - Asset Protection is not reserved solely for the affluent. The fact is a good portion of our clients have only modest wealth, but this modest wealth is precious to them. That is what counts.
How would you feel if you lost your home, your car, or your savings? Wealth is relative.
An airport shoeshine was sued for $100,000 on a bank loan he guaranteed for his son. He owned only his Bronx home with a $100,000 equity – a value many people do not consider serious wealth. For our shoe-shine client, his $100,000 home equity was his entire life savings. How many more shoes must he shine to replace his $100,000? He will have a harder time recouping his $100,000 than a millionaire would his millions. This example is why we take every case and opportunity to educate on the benefits of Asset Protection seriously. If you have extremely valuable assets or only a few dollars in the bank, a modest home equity or investment properties throughout the country, the process of investigating Asset Protection is critical. You have worked hard for what you now own, and may not easily recover from a major financial setback. If you are now totally exposed to lawsuits or think you are already well-protected, a proper Asset Protection partner from our Firm can help explain how to shelter your assets from scratch, as well as how to improve your present protection. Whether you are just starting out, want to shield future wealth, your nest egg, or your children’s inheritance, the proven tactics, and techniques our Firm can show you to protect yourself, your business, or your professional practice against virtually any financial threat can be an important cornerstone to your continued success.
Protecting your assets is not too costly and should not take more than several hours of your time. The average family can shelter fortunes of any size for less than a fraction of what an investment advisor charges each year, and many protective steps cost absolutely nothing. To put it in perspective - a doctor and prospective client once shared he did not feel he had the money to set up the few entities he needed to safeguard his total net worth. This doctor spends $65,000 a year for malpractice insurance, which covers only malpractice claims and only up to one million dollars per claim. Next year the doctor will pay another $65,000 (assuming his premiums do not increase) for the same limited protection. In comparison, we offered this physician complete protection against any lawsuit, in any amount, for the rest of his life, all a fraction of the cost of what he pays each year for malpractice insurance. Asset Protection is a great investment if you want financial security.
The bottom line: No matter how big or small the wealth you have accumulated may seem, the time is now to look to shelter your prosperity, think defensively and react realistically. Do not ask whether, but rather when you will face a serious financial problem. How can you fortify yourself from that eventuality? For every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it.