With an estimated forty million lawsuits filed each year, it’s important to ensure that if you are the target of a claim, you have done everything possible to protect your assets should you find yourself the defendant in a claim. Unfortunately, many people are unaware of the steps they can take to help ensure that the assets are protected. If you’re unsure what you should do, the following blog can help. Continue reading to learn how our Pennsylvania estate planning attorneys can help you achieve peace of mind for the future.
How can lawsuits impact the future of my estate?
When you are estate planning, it’s important to understand that ensuring you consider the future of your assets is critical. Whether you’re a doctor or architect so lawsuits are a possibility or you have creditors you’re worried will become aggressive in the future, understanding what you can do now is critical.
If you haven’t planned your estate and are served with a lawsuit, your assets are at risk. Whether your assets are garnished by creditors or seized as part of a lawsuit, you can lose the parts of your estate you’ve worked hard to gain and pass down to your loved ones.
What can I do to protect my assets and beneficiaries?
When estate planning, it’s important to understand your estate planning options. Generally, putting assets in a trust fund is one of the most ideal options, as it removes the property from your estate while ensuring you can distribute these according to your wishes. When you create an irrevocable trust fund, you cannot change or alter the terms and conditions of the fund, meaning those filing against you will be unable to access these assets because they’re technically not in your name.
Another option is to purchase an expansive insurance policy that helps ensure that if a lawsuit is filed against you in the case of a personal injury claim your insurance will cover the cost rather than paying out of pocket through your assets.
Finally, it’s in your best interest to keep your business and personal assets separate. If you are sued as an individual, it can help ensure your business assets aren’t impacted, while if you are sued as a business, your personal assets will stay protected.
If you are worried about your assets in the event of a lawsuit, it’s in your best interest to understand the importance of connecting with an experienced attorney who can help you explore your options to make the best decision for you and your needs. At Friedman Schuman Layser , we understand how hard you’ve worked for your assets, which is why you can rely on our team to help protect them. Connect with us today to discuss your concerns to learn how we can guide you through these matters.
