For certain professionals, facing lawsuits is not uncommon. Doctors, electricians, chefs, and even accountants can often face legal action from disgruntled clients and customers, so taking the necessary steps to secure assets is critical. This is also true for everyday individuals who may be targeted by creditors. If you’re unsure what steps to take to help protect your future, the following blog covers what you should know. Additionally, you’ll learn how Tampa asset protection lawyers can assist you during these complicated matters.
How Can Lawsuits Impact My Estate?
When you are sued for an exuberant amount of money, you’ll find that if you lose, your assets can be seized. As such, the property and funds you’ve worked hard to secure can be gone in the blink of an eye, leaving your loved ones vulnerable. This is also true if you are pursued by a creditor who may take steps to garnish your wages.
What Can I Do to Protect My Assets?
If you are worried about the risk of lawsuits, it’s important to understand that you have quite a few options to help ensure you can secure your assets and shield them from creditors and plaintiffs. One of the most common options is creating an irrevocable trust fund. There are several funds you can consider, including Domestic Asset Protect Trusts or offshore trusts. Generally, an irrevocable trust fund is ideal as it technically removes the assets from your name. As such, they are no longer in your control and creditors cannot access the assets held in these accounts.
Another option is to ensure you invest in umbrella insurance coverage that will help protect you in the event of a lawsuit. Keeping extensive coverage can help ease the stress if you are sued, as standard auto and homeowners do not cover other events.
Finally, you should do your best to keep your personal assets and business assets separate. If you co-mingle them, it can create issues and leave you at risk of losing both. However, ensuring there is no overlap can help protect your personal assets if you are sued as a business and vice versa
Can an Attorney Help Me?
If you are worried about the potential for a lawsuit, it’s imperative to connect with an experienced attorney who can assist you during this process. In many instances, it’s in your best interest to work with an attorney as they can help ensure that you understand your options so you feel secure in your future.
As you can see, it’s imperative to ensure you take the necessary steps to protect your assets and beneficiaries from lawsuits and creditors. At Tampa Law Group, our dedicated legal team will do everything possible to assist you during this process. Connect with us today to discuss your concerns and learn how we can assist you.
