Asset Protection

Planning for asset protection and wealth preservation is important and necessary for corporate officers, owners of businesses or real estate, physicians, other professionals and anyone with substantial property or income. Few situations are more stressful than being sued, which can be difficult for a defendant and his or her family even if the claims involved are frivolous. Of even greater concern is that one may lose a lawsuit– even if not personally liable – if someone such as an employee, child, subcontractor, partner or joint-tenant caused the actual harm. Some common sources of liability are:

• Professional Malpractice
• Officer/Director Liability
• Employment Matters (wrongful termination of an employee; sexual harassment, discrimination in hiring practices)
• Automobile Liability (whether you or another person drives your car)
• Liability from Real Estate (e.g., slip and fall, person attacked on your property)
• Contracts (e.g., mortgage or other loans, personal guaranties)
• Negligence
• Divorce

We are prepared to advise you in planning your business and financial affairs in a way that deters litigation, encourages settlement of a claim on favorable terms and improves your leverage in negotiation and in litigation – in other words, to provide space and time for clear, calm thought and to provide an opportunity to prevail on your terms if sued. Arrangements involving insurance, domestic or offshore trusts, limited liability companies, and use of statutory exemptions may be appropriate depending on the situation.

Planning of this sort involves the use of legitimate, legal methods customized to particular needs to reduce both the likelihood of being sued and losing assets if sued. Such planning does not involve hiding assets from creditors or the IRS or other acts that could constitute illegal behavior. The best time to engage in such planning is when no particular claims are anticipated.
If we may be of assistance, please contact us.

Contact: Greg Duncan, gduncan@binghammchale.com