Neglecting to hire a good asset protection attorney can leave you susceptible to a variety of different risks. That's why finding an asset protection attorney and taking full advantage of this attorney's services is essential.
The following are six risks you can face without the services of an asset protection attorney.
Losing your assets as the result of a judgment against you
One of the most common ways a consumer's assets can be seized is through a judgment that gives a creditor the right to take assets from the consumer in question. Protecting a client's assets in the event of a judgment against that client is one of the most important roles of an asset protection attorney.
Experiencing business interruptions due to judgments against your company
Many clients who need services from an asset protection attorney are business owners. If the assets of your company are seized due to a judgment against your company, this could interrupt your business by preventing the cash flow that keeps your business running. This in turn cuts off your income for an undetermined period of time.
An asset protection attorney can help business owners to prevent the seizure of commercial assets from interrupting the operations of their company.
Losing your assets as the result of a divorce
Divorce is another situation that leaves a consumer susceptible to losing his or her assets. An asset protection attorney can shield some of your assets from seizure for alimony or divorce settlement payments if you end up divorcing your spouse.
Dealing with high legal costs resulting from a lawsuit
If your assets aren't protected with the assistance of a legal professional, this creates a situation where you may be a target for lawsuits. Lawsuits require you to put a lot of money into hiring legal representation. With protected assets, you'll be less likely to have to deal with the high legal costs resulting from a lawsuit.
Being stressed out about unprotected assets
There are many situations that can come up and strip you of the assets that you have worked so hard to accumulate throughout your life. It's stressful to realize that your assets are susceptible to being seized. Working with an attorney to protect your assets can give you peace of mind.
Leaving your inherited assets susceptible to taxation
If there is a death in your family, family assets can be subject to taxation before they can be inherited. An asset protection attorney may be able to set up your estate and assets in such a way that assets are protected from taxation when they are eventually passed on and inherited by a member of your family.