The biggest myth that asset protection lawyers come across is that only the super wealthy need to protect their wealth. Nothing could be further from the truth. A disgruntled employee who wants to make a quick buck at your expense doesn’t care how much you’re worth-he only wants to get you for all you are worth. The same goes for someone injured in your grocery store, or in your home. You don’t have to be a megamillionaire to have a lawsuit filed against you. But you will need to be a millionaire to be able to sustain and survive the kind of financial impact these losses can have.
Let’s put it this way. A person with a net worth of $50 million is not likely to be affected much by a verdict of $1 million against him. However, for a person who is worth just about $1 million, an award like this could be catastrophic. Even if you’re covered by insurance coverage, there is only so much that your insurer will pay out, and you could literally be left out in the cold when it comes to paying out the rest of the damages. Every year, the consequences of unnecessary and unwanted litigation drive thousands of Americans into bankruptcy.
The bottom line is that whether you are a doctor midway through his career, a small-business owner, or any other professional, you’re still at risk from plaintiffs and creditors. Besides, asset protection is also necessary in case of a divorce to prevent division of assets that can severely compromise your financial situation. Asset protection therefore, is just right for you. Obviously, the exact same kind of asset protection plan will not be valid for every person in every situation, which is where an asset protection lawyer or consultant can help you.
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