When you work in a certain industry, you may be more vulnerable to lawsuits. Physicians, medical professionals, architects, chefs, and even lawyers are often the center of lawsuits from disgruntled clients. However, even those in relatively low-risk careers may find themselves being sued by a creditor, for example. If you are worried about being the defendant in a lawsuit, understanding your legal options is imperative. The following blog explores how strategic estate planning can help if you find yourself being served papers. You’ll also discover the importance of working with a Medina County, Ohio asset protection lawyer.
Is My Estate Vulnerable to Lawsuits?
In general, when you are sued by another party, it can be overwhelming. You may find that, depending on the outcome, it can completely deplete your assets, as you may need to liquidate and sell assets to repay the plaintiff in your case. As a result, your Beneficiaries may be at risk.
If you are part of a personal injury, divorce, bankruptcy, or debt lawsuit, you may find that failure to plan ahead can result in an incredibly unfavorable outcome.
How Can Estate Planning Help Protect My Assets?
By strategically planning your estate, you’ll find that you can help shield your assets in the event you find yourself at the center of a lawsuit. Generally, the most common option to protect your hard-earned assets is to establish a Trust Fund. Because many different kinds have different advantages and drawbacks, it’s important to connect with an experienced attorney who can examine your circumstances to determine the best outcome for your needs.
Irrevocable Trust Funds are beneficial for asset protection because they technically remove the property from your estate, meaning it cannot be accessed by creditors. However, certain kinds of Irrevocable Trusts offer additional protection, like a Domestic Asset Protection Trust or an Offshore Trust, which adds foreign laws into the mix.
However, Trust Funds are not the only option. You can also benefit from establishing Family Limited Partnerships, Limited Liability Corporations (LLCs), or purchasing umbrella insurance coverage.
If you are interested in estate planning to help protect your assets from lawsuits, it is imperative to connect with an experienced attorney. Establishing these kinds of Trust Funds can be incredibly complicated, and failure to do so properly can result in your assets being at risk if you are sued. However, when you connect with a lawyer you can rest assured they everything is done by the book to help ensure your assets are secured.
At Krause Law, our dedicated legal team will do everything possible to help guide you through these difficult times. Our firm understands how important protecting your assets and providing for your loved ones is which is why we will help you explore your legal options. Contact our firm today to learn how we can help you achieve peace of mind that your assets will be protected.
