Think You Don’t Need Asset Protection? Think Again
June 25, 2008
Common Mistake #12 Ignoring The Need For Asset Protection
Chances are, you’re very aware of how hard it is to amass any kind of wealth. How distraught would you be if, one day, a frivolous lawsuit cleaned you out? The goal of asset protection is to keep that hard earned wealth from being taken away. Essentially, the purpose of asset protection is to structure your assets in order to protect them from lawsuits, creditors and un ugly divorce.
Our increasingly litigious society has taught many unscrupulous people that the fastest way to attain wealth is through a lawsuit. All business owners that operate with out the shield of good asset protection run the risk of losing everything they spent a lifetime building. If you Google “Malpractice Attorneys,” you’ll get 1,140,000 hits!
Just recently, a New Jersey couple’s son was struck in the chest with a line drive during a little league game. The couple is planning to sue the maker of the baseball bat, the sporting goods chain that sold the bat and Little League Baseball Organization for the injuries that Stephen suffered. Whether or not this lawsuit is justified isn’t the point, the key is issue is that every one regardless of how incidental there involvement will be gravely impacted should this lawsuit go forward.
Next time we’ll dive deeper into the asset protection pool
