The average individual spends most of his adult life working to maintain or improve the lifestyle of his family and loved ones. Many have the foresight to create and follow strategic plans which maximize economic return on their investment of time, energy and effort. Frequently, these same individuals have the foresight to retain accountants and/or tax attorneys to minimize the amount of federal and state taxes paid annually or upon their death.
Unfortunately, few of these individuals devote any meaningful resources to
protecting these assets which they have worked so hard to enlarge. Sure, most obtain the requisite insurance to protect hard assets from fire, flood or other catastrophe. Many even obtain general liability insurance with the expectation that this will protect them from future claims by individuals injured on their residential or commercial property.
Far too few take the next step and incorporate in their business plan any
meaningful level of asset protection. In today’s litigious society, this failure can
quickly eradicate a lifetime of business and personal successes. Irrespective of the industry or profession, there exists an everpresent risk that someone will successfully convince a jury that these assets should be liquidated to compensate someone for their alleged physical or other loss.