Many high net worth and high earning individuals carry a higher burden of needing to protect themselves from a lawsuit. Truthfully, those with more significant amounts of wealth are potential targets for litigation claims.
Greater wealth almost always means a greater variety of assets and ownership.
Having what you own protected in the event of a lawsuit is critical. Think about this: how far away is a lawsuit against you waiting? Is it in the parking lot, on the drive home, an email that gets misunderstood? The fact of the matter is; unfortunately, we live in a time where we see people sued for valid and invalid reasons all the time. You probably know someone personally who has had a suit come against them unexpectedly. And even worse yet, you may know someone who’s world has been turned upside down due to a lawsuit.
To protect ourselves from a lawsuit, we need to take a step back and look at what we can control. And in this crazy world, sometimes the only thing we CAN control is how prepared we are to deal with a worst-case scenario. Regardless if something was our fault or not, there is a chance we don’t win the case.
Think of the comfort you would have knowing you and your business and all your assets for you and your family are appropriately structured. Consider the confidence you could have facing difficult legal challenges understanding that in a “worst-case scenario,” you and your family hardly lose any of your assets. Think about the peace of mind, knowing that you are protected.
If you have assets of value, you may want to begin thinking more about whether you’re adequately structured to face a lawsuit. Because regardless of who is at fault, the protections put in place before-hand could mean millions.
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