Don’t Let The Law Take Your Assets
We live in a culture of blame and sadly that means, even with the best intentions, you may end up being threatened with an expensive lawsuit that could ruin your business, personal assets or financial security.
Make sure you protect yourself from legal costs with these helpful tips.
Insure against damage
One of the best things you can do to keep yourself safe from the courts is to ensure you have proper insurance cover. Insurance should include cover for accidents that happen in and around your home or business premises and accidents caused by driving – check out liability cover car insurance.
You may also need professional insurance if you work involves providing a service to others such as doctors, malpractice insurance or ironically lawyers who will need professional liability insurance.
Whatever your situation make sure you have appropriate cover, keep up to date with the premiums and you can relax that if something does happen you are covered.
Make the switch
It could be tempting when facing the threat of a lawsuit to transfer your assets so that your loved ones can still access them even if you lose- but this is definitely illegal. However you can put in place a transfer of asset plan ahead of time and this is perfectly legitimate and can help you provide for your family if the worst happens. Consider a transfer of asset plan carefully though as it can affect how much control and access you have to your assets and money in the meantime. For more information and advice you can speak to an estate planning attorney.
In some cases you can protect your money with an annuity. Check out the different types of annuity plan available and whether it’s right for you.
Image from simonlawsuitaz.com
Endless love?
Engagement is a time of joy and celebration so no one wants to think about what happens to your finances and assets if marriage doesn’t work out. A prenuptial agreement is not the most romantic of conversations and your partner may not agree to it, but if either of you are concerned you might lose some of your assets if love doesn’t turn out endless after all discussing and agreeing terms before you take the plunge could take some of the anxiety out of the big day.
Pension plans
Saving for your future is always a good idea and any money or assets put aside for this purpose are ring-fenced and protected even if you are successfully sued. ERISA-qualified plans cover most liability lawsuits so investing in a pension is not just saving for your retirement it could also stop you losing everything to the courts. There are some restrictions on the amount you can save each year but with so many different types of plans to choose from it pays to have a pension.
Whilst you can’t ever know what’s going to happen you can at least reduce some of the stress and pain a legal case causes you and your family by not having to sell your home and other assets just to fight it.
