Business owners and employers commonly amass significant wealth when their businesses are highly successful. The problem for these individuals is often protecting assets from business associates, employees, and government agencies that all could present a legal challenge over any particular issue. Once again, most employers are protected from most lawsuits stemming from workplace injuries, but that is not always the case when a plaintiff attorney can prove negligence in a court hearing. This possibility could also result in punitive damage awards in the wrong situation. Having your personal assets protected through a comprehensive estate plan can make personal assets unavailable for legal attachment when major financial liabilities could occur.
There are few individuals in the contemporary economy with wealth that rivals entertainers and athletes. Even the minimum salaries required for an average professional athlete can create a need for a comprehensive estate plan. Most entertainers and athletes know very little about how to structure their assets in a manner that ensures unscrupulous actors cannot latch onto personal funds. The list of both who have lost fortunes due to bad advice and suggestion is extensive. Basic level risk management can work for some, but the truth is that solid protection is achieved with an overall plan that is structured against all outside entities with legal claims or business venture ideas.
The key condition for sound asset protection is having your protection plan in place and validated before any legal problems happen. It is practically impossible to protect any asset if a lawsuit has already begun when the court has the authority to freeze those accounts. Assets protected under instruments such as
living trusts can set those funds outside of potential court orders resulting from a lawsuit of any type. It is vital to always select an experienced estate planner like the legal professionals at Morgan Legal Group PC who understand the potential problems and how to insulate their clients’ assets against legal claims.