How Asset Protection Strategies Can Help Deter Lawsuits
We live in a litigious society.
Some people will initiate lawsuits over the most trivial things. And, the truth is, you simply never know when you may be the target of a lawsuit be it justified or unjustified.
There are people who troll businesses large and small, as well as individuals to determine whether they are worth suing, meaning, do they have deep pockets. These litigious people will then claim that something in the product the company offers made them sick or had been contaminated in some way or otherwise create a reason to initiate a lawsuit. Unfortunately, there are also less than reputable attorneys who will work with these people.
Using Privacy And Asset Protection Strategies
Let’s face it, lawsuits are expensive, whether you win or lose and if you can avoid one, you save huge sums of money on legal fees before your assets are even at risk. Being able to ward off a lawsuit is a form of security.
Privacy is a powerful tool for asset protection and acts as a first line of defense. Privacy tools include putting real estate, automobiles and other valuables in various trusts which are not open to public viewing. If an investigating party cannot find any assets tied to your name and it appears that you do not have any, you may not be considered worth pursuing in a lawsuit. Contingent legal teams are not inclined to pursue an entity or individual with little or no assets to use in a settlement. This is a deterring factor that can start to slow down a legal opponent.
However, if the person initiating the lawsuit knows you have assets even though they cannot find them with simple searches and still pursues you, you need to have an asset protection plan in place.
How does this avoid lawsuits?
Your opponent will see that if they win and get a judgment against you they get nothing. As a result many lawsuits are dropped. Even in the event a lawsuit is followed through to the end, with your assets securely protected in the proper legal tools, you can weather the storm with your wealth intact.