How to Properly Protect Your Estate From Lawsuits
No matter what profession you work in, there are a wide array of reasons as to why you could be presented with a lawsuit. Nearly 100 percent of physicians who work within high-risk specialty fields will face a malpractice suit before they retire. If you want to protect your assets from being used in the payment of a lawsuit, there are a variety of tools that will allow you to protect some of your possessions and pieces of property from any future litigation.
Buy Ample Amounts of Insurance
If you want to properly protect your assets from potential litigation, you’ll want to purchase the right insurance for yourself and your business. You should have a substantial amount of coverage for your vehicles, home, and other important belongings. In the event that you own a business, make sure that you update your commercial general liability coverage on a regular basis. You should also consider buying employment practices insurance and professional liability insurance for additional protection.
Think About Marital Property
It’s possible for creditors to force a couple to liquidate their assets that are jointly held in order to obtain the debtor’s share, which is why you might want to consider signing over marital property to your spouse. Keep in mind that doing so can be problematic if ever you become divorced. An estate planning lawyer will be able to better inform you about the practicality of this option.
Set Up Business Entities
If all of your assets are owned under your name or the name of a single company of yours, a lawsuit can be devastating to your finances. As such, the assets of yours with the most value should be held under separate entities, which could require setting up multiple trusts or LLCs. To be certain that you’re making the right decisions in regards to protecting your assets from future lawsuits, it’s recommended that you retain the assistance of an estate planning lawyer in Las Vegas.