Kennewick Asset Protection Lawyers
A Kennewick asset protection lawyer can help you with owning and structuring your assets in a manner that minimizes the risk of frivolous lawsuits and reduces potential losses from those legal actions. For consumers, this area of law is largely misunderstood. There is no way to 100 percent guarantee that your assets are not at risk. However, a strong strategy can make your assets incredibly difficult for others to reach and protect what you have worked so hard for.
Why Asset Protection?
The United States is the most litigious country in the world. There is a general belief among the public that when something goes wrong, someone has to pay. People sometimes believe this even when no one was the direct cause of the wrong.
The courts in the United States allow nearly anyone to file a lawsuit. The only requirement to do so is to pay a small filing fee. People often do this so they can obtain a quick and easy settlement, which they sometimes do. To prevent yourself from being the target of one of these frivolous lawsuits, a strong asset protection strategy is quite necessary.
How to Protect Your Assets
Fortunately, there are many ways to protect your assets. The most common of these are as follows:
- Insurance: A personal umbrella liability policy can provide coverage for nearly any scenario. An umbrella policy can cover damage to property, injuries, lawsuits, and other situations that may involve personal liability. When purchasing a policy, it is critical to make sure you have enough, which is generally equivalent to your net worth.
- Jointly held accounts: Any assets held in jointly held accounts are greatly at risk. If the other co-owner of the account gets a divorce, has a tax problem, or loses a lawsuit, any money in the joint account may be in jeopardy. If you must have a joint account, such as with an adult child for your funeral and burial expenses, try to keep as little money in the account as possible.
- Partnerships: When you are in a business partnership with someone, whether formally or informally, you and your partner are each responsible for the actions of the other. By creating a Limited Liability Company (LLC) or corporation, you will have more legal protection and be seen as a separate entity from your partner.
- Small businesses: When you have a small business, such as a sole proprietorship, you are personally liable for anything that goes wrong with your business. This means that if someone sues your company, your own personal funds and property are at stake. As with a partnership, it is important to consider creating an LLC to protect your personal assets.
Our Kennewick Asset Protection Lawyers Can Devise the Strategies You Need
Your assets are clearly important to you. After all, you have worked for them your entire life. At Moulton Law Offices, P.S., our Kennewick asset protection lawyer can outline the strategies that will shield them from creditors, lawsuits, and more. Call us now at 1-509-328-2150, #9090 or fill out our online form to schedule a consultation.