America has often times been dubbed the land of litigation. It seems like everywhere you turn now a days, everyone is suing everyone. The more wealth you have, the bigger the target you can become, so it is extremely important that you protect your assets to help eliminate, or limit, your risks for any type of liability. It’s also very important to make sure your asset protection structures and privacy are in place prior to any incidents that may come your way.
If you think that you are safe and use a lot of caution in your life and that a financial setback would never happen to you, take a closer look. Here is a small list of potential liability risks that could happen in your personal life that if not insulated against could impact your finances immensely
Car accidents happen every day and can happen in an instance. While you may have car insurance, depending on the type and amount of insurance and the cause of an accident, you could end up with liability well beyond what your policy will cover. Also, if you have children and they cause an accident while being negligent that leads to extreme injury, you could be on the hook for that lawsuit as well.
Sometimes, we run into unexpected health issues in our lives. It may not your fault that you start to experience a health problem, and can happen in the blink of an eye. It can be cause from internal as well as external factors and you never know if an incident will occur no matter how healthy you seem to be. The medical issues can also happen to a family members, like children, spouse, parents…etc, and you may need to take care of the expenses.
Medical problems can be very expensive, and insurance (if you even have it) may not cover all the expenses need to get you or your loved one fully back on track.
There’s no doubt about it, divorce is a terrible thing. Everyone wants happily ever after to be the norm, but it just isn’t true all of the time. A spouse could try to take you for everything you own and you may not see the writing on the wall until it is way to late to structure your assets the best way. A divorce can also potentially lead to high legal costs and ongoing financial liabilities such as alimony and child support.
Have you ever hosted a party or event at your house? What would happen if you provided drinks for everyone there and an accident happened in your house and someone was seriously injured? Or what if one of your guests became extremely intoxicated and attempted to drive home and caused a serious accident on the way. Or perhaps you go out of town and your teenage kids throw a party at your house and a similar tragedy happens. Any of these scenarios could put you in financial jeopardy.
What You Can Do?
This is just a small list of things that can happen in your personal life that can open you up to large amounts of debt and/or lawsuits. If your personal finances are not separated and isolated from your business finances, these lawsuits can attack all of your wealth and assets even though the lawsuits are based on personal criteria,
There are a myriad of ways through which you can protect your assets and limit your liability, however it is extremely important to have this protection in place well before any type of incident occurs. The best way to establish your best strategy is to work with an attorney that is highly skilled in asset protection services. If you would like to put the extensive experience of attorney Charles Lybarger to work for you, please call 702-340-2335 today for a free consultation.