Who Needs Asset Protection?
Many people mistakenly believe that only the wealthiest among us – or only those who have the most complicated financials – need asset protection, but neither is true. Asset protection is an important tool for anyone who owns a home and/or business or who has amassed even modest assets over the course of his or her life (to date). The fact is that anyone can face financial devastation in the form of a lawsuit being levied against them. Further, the assets in question include one’s home, which can hang in the balance. Discuss your financial risk with an experienced North Carolina estate planning attorney today.
If your estate is vast, there is likely no question that implementing asset protection is in order.
If your assets are more modest, however, you may think that protecting them via legal tools is unnecessary. But you also might be surprised when you look at the breadth of your assets as a whole, including all of the following:
- Your home, which is often a family’s most valuable asset
- Your vehicles
- The financial tools that make up your portfolio, including your retirement and insurance accounts
- Any business interests you’re involved in
- Any collections of value that you own, such as coins, baseball cards, jewelry and more
- Any gifts or inheritances that belong to you
The more modest your estate, the more devastating facing a significant financial setback can be. Don’t assume that you don’t need asset protection – consult with an experienced estate planning attorney instead.
Protection from What?
We live in a litigious world – in one of the most litigious nations – and if someone decides to come after you via a civil lawsuit, he or she is free to do so. Even if you are confident that the case will come to nothing, the mysteries of the court system can lead to unexpected results that can put your finances at considerable risk. The cost of damages associated with any of the following personal injury claims can quickly exceed your insurance coverage if your accuser prevails at court:
- A traffic accident that was allegedly caused by you or your child’s negligence
- A slip and fall accident at your home or business that was allegedly caused by your negligence
- An accident in your swimming pool that was allegedly caused by your negligence
This barely scratches the surface. Suffice to say, that the answer to who needs asset protection is that you need asset protection. Finally, obtaining asset protection now – before you need it – is far more beneficial than waiting until you need it, when such protections are certain to be far more limited.
An Experienced North Carolina Estate Planning Attorney Can Help You Protect Your Assets
If you wait until you need asset protection, you’ve waited too long. The dedicated estate planning attorneys at King Law Firm in North Carolina are committed to helping you determine the level of asset protection you need and to implementing that protection as seamlessly as possible. For more information, please don’t hesitate to contact or call us today.