Tag Archives: litigation

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.

Estate Planning

Protecting Assets in a Trust During a Dispute

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When there is a dispute regarding the management of the trust, it often begins because the objecting party does not have sufficient information to determine the true value of the trust and/or if trust assets are being depleted. In this situation, it is imperative that you take steps to ensure the trust assets are being safeguarded while the dispute is being resolved.

The most common way to protect trust assets during litigation is to “freeze” them. This means that the court enters an order for injunctive relief, typically on an emergency basis in order to provide protection to the assets as quickly as possible. In order to prove that an injunction order is necessary, it must be shown that there is a likelihood of irreparable harm to the property in the trust and no other adequate remedy at law. Further, you must demonstrate the likelihood of your success on the merits to the court as well as that your interests outweigh any possible damage to the trust.

When trust assets are frozen, they cannot be used or otherwise depleted. In many cases, the court will appoint a fiduciary to supervise and maintain the property in the trust until the dispute has been resolved.

While no two cases are identical, below are a few warning signs that a trust is not being managed properly and you should confer with an attorney:

  • Trustee fails to file tax returns for the trust
  • Trustee fails to file an annual report on the trust
  • Trustee refuses to make financial disclosures, including investments made using trust funds
  • You discover a conflict of interest on the part of the trustee
  • You discover proof that the Will or its original terms and conditions were tampered with
  • The trust has experienced unexplained financial losses

If you believe that a trustee has breached his or her fiduciary duties, contact us for the advice and guidance you need. We can help you determine whether the assets of the trust should be frozen and the best strategy for resolving your concerns.

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.