The United States is sue happy. Our legal system has devolved since the 1980s to create a hyper-litigious society that is focused on victimization and accountability. Today, the United States has more lawyers and files more lawsuits than any other country in the world, passing more than $300 billion spent every year on legal litigation. Why is this? Our current legal system encourages plaintiffs to sue anyone who seems like they have money—and sue they will. Civil litigation has become a high-ticket item to plaintiffs looking to sue hardworking professionals, business owners, and employers.
Anyone with a net worth of over $250,000 needs asset protection. Good examples of high income professions include healthcare professionals, business owners/employers, artists/entertainers, and professional athletes.
Those who should be concerned about potential targeted litigation:
- Anyone who is in a high net worth, high liability profession;
- Who has high visibility, trace ability, or collect ability as a member of the community;
- Who is a celebrity or is well known;
- Who is perceived to have millions in liquid assets.
Any one of these elements solely places a target on your back for litigation. Be proactive. Plan ahead to ensure your assets are protected from legal predators.
Estate Planning is Critical, but Won’t Protect Your Assets.
The Revocable Living Trust (RLT) is a great tool that can help to avoid probate, minimize taxes on your estate, and provide a legacy for your family; however, it does not shelter you from any type of exposure to lawsuits. On the other hand, asset protection offers protection from litigation and will complement your estate planning.
Basic Risk Management is Critical, but Insufficient.
Even if you’ve covered your bases with basic risk management measures such as insurance, these standard steps often fall short of being effective against total protection.
Weatherby & Associates, P.C. helps to fully protect you with comprehensive teams that work hard to keep your personal assets out of reach of predators. We help protect your assets in the form of a net worth insurance that removes the financial incentive for plaintiffs to sue you.
Act Now - It’s difficult to fully protect your assets once you’ve been targeted for litigation. If you try to take action after the fact, it puts you at risk of fraudulent conveyance, which opens the door for a court to take back the assets you tried to protect. Act now before you have a target on you. Don’t wait to get sued before you attempt to protect yourself.