Why You Need An Asset Protection Plan
There are 1.2 million lawyers in the U.S. Believe it or not, there are more lawyers than (i) doctors (there are 945,000 doctors), (ii) firefighters (there are 800,000 firefighters), and (iii) policemen (there are 900,000 policemen). To make matters worse, there are 15 million civil cases filed in the United States every year. This is due to the fact that:
- Attorneys can be engaged on a contingent fee basis.
- The losing party isn’t responsible for the payment of attorney’s fees incurred by the winning party.
There is, therefore, no penalty for claimants who file suits of questionable merit.
Fortunately, asset protection plans can be established which safeguard the assets that our clients own, and their businesses own, from potential claims that could be filed against them.
Over the years, we’ve prepared asset protection plans for:
- Clients who planning on getting married again. They hope that their new marriage will bring them the happiness that they’re searching for. But, they’re worried that their new marriage could end in divorce and subject them to a costly divorce settlement.
- Clients who are planning to sell their business. They’re worried that their dream of selling their business will turn into a nightmare if they’re sued by the buyer after the sale occurs.
- Clients who are doctors and specialize in an area of practice (i.e. obstetrics, surgery, and anesthesiology) where medical malpractice suits are routinely filed.
- Clients who businesses are cyclical (and go from periods of boom to periods of bust); clients like this should protect the profits that they earn in the periods of boom from the liabilities that they’ll have difficulty paying during the periods of bust.
- Clients who lease real estate that was built before 1978 and may, therefore, be subject to suits filed by tenants who have sustained injuries resulting from lead paint poisoning.
Some of our clients believe that they will be able to protect themselves from future potential claims by having an insurance policy in force. If you’re one of those clients, think again as insurance can’t always be obtained. The fact of the matter is that some claims (like divorce) aren’t insurable. Furthermore, all policies have a coverage limit (the claim that is filed may exceed the policy’s coverage limit); and policies have exclusions from coverage (the claim that is filed may fall within one of the exclusions).
The most effective to obtain protection from potential claims is to establish an asset protection plan. Our trusts and estates attorneys can help you plan and develop comprehensive asset protection strategies to protect the wealth you have accumulated from the claims of future creditors.
If you have any questions about this topic or any other estate planning questions, please contact Maurice Offit at firstname.lastname@example.org or 301.575.0308
ABOUT MAURICE OFFIT
email@example.com | 301.575.0308
Maurice Offit is an estate planning and asset protection planning attorney. Mr. Offit counsels a large number of clients who share an interest in minimizing estate taxes and protecting their assets from the claims of creditors.
Mr. Offit has more than thirty years of experience with a focus on estate planning, estate and trust administration, and asset protection planning for his clients. While no two plans are exactly alike, Mr. Offit makes sure that they have one thing in common – they meet with the client’s satisfaction and approval.
ABOUT OFFIT KURMAN
Offit Kurman is one of the fastest-growing, full-service law firms in the mid-Atlantic region. With over 185 attorneys offering a comprehensive range of services in virtually every legal category, the firm is well positioned to meet the needs of dynamic businesses and the people who own and operate them. Our twelve offices serve individual and corporate clients along the I95 corridor in the Virginia, Washington, DC, Maryland, Delaware, Pennsylvania, New Jersey, and New York City regions. At Offit Kurman, we are our clients’ most trusted legal advisors, professionals who help maximize and protect business value and personal wealth. In every interaction, we consistently maintain our clients’ confidence by remaining focused on furthering their objectives and achieving their goals in an efficient manner. Trust, knowledge, confidence—in a partner, that’s perfect.
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