Asset Protection for Professionals and Business Owners in Michigan
Lawsuits seem to have surpassed baseball as our national pastime, with a lawsuit reportedly filed in this country approximately every 6 seconds. Unfortunately, lawsuits tend to be filed against “the haves” rather than the “have-nots”, so people with even modest estates can be prey to all sorts of court claims, real or bogus, such as relating to an alleged:
- Car Accident (not fully covered by insurance)
- Slip and fall at your home, business or rental property
- Personal or business debt
- Rental property tenant claim
- Malpractice or error in your profession
- Liability as partner, officer, director or board member
- Guarantee of another’s debt
The worst thing about lawsuits is that, even if you’re totally right and the suing person is totally wrong, it’s going to cost you something, maybe a lot! Tens or hundreds of thousands of dollars in legal fees and years of sleepless nights as the matter slogs through the slow legal system—until you can’t take it anymore and just want to settle! Unscrupulous people out there know this and that’s why lawsuits are referred to as “legalized extortion”!
Fortunately, proper advance planning can help place strong defensive shields around your assets that may not only dissuade those thinking about suing you but also give you considerable leverage to settle matters at pennies on the dollar. Many of our Advanced Level Planning strategies may provide you with significant asset protection (such as the Irrevocable Trust, Personal Residence Trust, FLP, LLC, GRAT). Other, even more sophisticated strategies may be warranted, including the Domestic Asset Protection Trust. With certain of these Asset Protection strategies, we will call in our “of counsel” specialists to assist you, as appropriate.