Is a Lawsuit Lying in Wait for You?
Woman Sues Husband For Loss Of Virginity
As ridiculous as that headline sounds, it’s based upon a true case…and raises the question…
What could someone sue you for that could potentially bankrupt you?
Answer: Almost anything
And lawsuits are just one of multiple assaults that could make mincemeat of your lifetime of savings and hard work. The ability to be sued has nothing to do with the merit of the case but has more do to with the offended party finding a lawyer to take their case.
It could be about almost anything…from someone claiming they tripped and hurt themselves on your property to results from a minor automobile accident. And even if you think you have little to protect, you are still at risk.
The question that comes up then is …what could they collect from you — even if you are completely in the right?
You see, you can be perfectly in the right, but the jury could rule against you. Or the cost of defending yourself against the lawsuit could be so prohibitive it would be cheaper to settle out of court. Nothing is certain, and a lot depends upon the lawyers on each side, the judge, and the jury.
In our very litigious society, protecting one´s assets is no longer just the province of the very wealthy. Anyone who has set a nest egg away for retirement, or has experienced home appreciation, could see their lifetime of hard work and savings end up in someone else’s bank account.
And that´s just one way that your fortunes could be subject to lawsuit damages. If you own a business, lawsuits can come, not just from offended people, but from government organizations who feel you are in violation of their rules, or groups like environmental organizations who’ve decided to target you for alleged pollution issues or other environmental sins.
Professionals have unique liability
If you’re a professional (doctor, lawyer, CPA, engineer, etc.), you probably already know the risks. You can be personally sued for any action you take as part of your profession, regardless of your business structure. In other words, professionals can’t hide behind the limited liability of work performed through corporations, P.C.s, or LLCs (and, therefore, all of your personal assets that are not protected are at risk).
Protecting your assets — whether you work for a corporation or have your own business (or both), it is truly a legal minefield out there. Proper asset protection helps you navigate that minefield safely and come out on the other side with your wealth intact.
You want an asset protection plan so solid that an opposing attorney can see exactly what you have set up and then have him walk away shaking his head, saying, “It’s not even worth trying.”