Tag Archives: lawsuit

Asset Protection

Top Threats to a Professional’s Assets

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If you are a professional or a business owner, it is important to understand that you are a potential target for a lawsuit. This is especially true if you have substantial assets. Thus, it is imperative that you take action to protect your assets from some of the top threats you face, including:

  • Breach of contract claims. When you are conducting business and have established a contractual relationship with other parties, any failure (whether intentional or not) to meet the terms of the agreement can result in a lawsuit.

  • Allegations of sexual harassment. If you own a business or you supervise other employees, even frivolous accusations can result in litigation.

  • Worker’s compensation cases. When an employee is hurt on the job, you can be held liable to pay for his treatment and/or rehabilitation, although the law typically requires an employee to carry worker’s compensation insurance.

  • Work-related car accidents. If you own a business that employs drivers, you could be included in a lawsuit resulting from your employee’s car accident. Even if it is your driver’s fault, you have the deep pockets.

  • Slip-and-fall accidents. If a customer or client slips and falls while visiting your place of work, you can bet his or her attorneys will target you as the liable party.

  • Product liability. If you manufacture, design or market products, you could be liable for damages if a consumer is injured by a faulty product.

  • Employment discrimination. Whether justified or not, an employee can allege discrimination is occurring in the workplace and file a lawsuit against you.

  • Trademark infringement. As competition increases, owners of trademarks are getting more aggressive about protecting their rights.

We all know that bad things happen to good people. Professional liability is a real threat to everyone because you don’t have to be negligent to get sued. Asset protection tools are available to help protect your wealth and assets from creditors in the event you are named in a lawsuit or your business is forced into bankruptcy. Contact us today to learn more about asset protection and how we can help.

If you are interested in learning more about being appointed as a guardian or conservator for a loved one, call us to schedule an appointment. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.

Asset Protection

Are your Assets Protected if you are Sued?

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Lawyers and financial advisors spend a lot of time telling their clients that they need to take measures to protect their assets. However, most individuals do not realize that they are at risk for being sued. As you go about your daily life, you may not even be aware of the various potential sources of potential liability you encounter.

If you own a business or otherwise provide services to other parties, you are vulnerable to a lawsuit. Even owning property, driving a vehicle or other similar activities can expose you to the risk of litigation. To determine your own personal risk of a lawsuit, visit a one of the numerous websites where you can take a quiz and get an idea of where you are vulnerable. An example is the “Personal Liability Risk Scorecard” developed by ACE Private Risk Services.

The online quizzes can provide you with a general idea of how much risk you have for being named in a lawsuit. You might be surprised by the amount of risk you have in your life. However, for an extensive understanding, let one of our experienced asset protection attorneys review your unique circumstances and assist you with creating an effective strategy for minimizing your vulnerabilities.

Don’t assume that you are not at risk for being sued or that you do not need to take measures to protect your assets. Let us help you understand and address any areas of concern. Pre-planning can save you time, money and heartache. Taking action now, before any problems occur, will provide you the most protection available.

Many people shy away from using a lawyer for asset protection because of the expense. But DIY (Do It Yourself) plans rarely work. A qualified lawyer can help you evaluate your risk and help you understand the strategies that can be employed to avoid the risk. Some obvious things are:

(a) increasing your insurance, but more importantly, the right type of insurance;

(b) if you own a business, properly organizing and operating your business; or

(c) if you own rental properties, setting up proper business organizations to own the properties in order to isolate risk.

The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.