So much of life is work.  Work to achieve goals.  Work to improve skills.  Work to increase means.  Work to improve productivity.  And actually most of it is totally worth it.  Anyone who’s worked for something, staying focused through the long haul, knows that what you achieve becomes intrinsically valuable.  Add to that the inherent monetary value, and you’ve got something you most certainly want to protect.Ironically through all that work you’ve put in, you are vulnerable; vulnerable to losing your assets to taxes, creditors and abusive claims.  That’s when Asset Protection steps in.  While there are ample suppliers of asset protection insurance against taxes and creditors, there is an underestimation of the need for protection against abusive claims.
Directors of HOA organizations have the unenviable task of completing large “to do” lists while assuming the risk of offending neighbors if they don’t like your decisions.  While maintaining the common areas in their neighborhood, directors must:
  • Act in good faith and candor
  • Act in the interests of another and avoid transactions that result in personal gain
  • Not exert undo pressure or act without the knowledge and consent of those he represents
Congratulations! You are open for business.  You've set up shop and hung out your shingle.  You have probably prepared yourself by purchasing an insurance policy. Unfortunately, in today's increasingly litigious society, a general or professional liability policy still leaves you exposed and vulnerable.   One statistic states that 19 million lawsuits are filed each year. If you own a business, investment properties, or are a professional, you may have a one in three chance of being named in a lawsuit.If you are named personally in a lawsuit for something your policy excludes, your personal assets become fair game– home, financial accounts, life insurance policies that have a cash value, real estate, businesses, cars, electronics, investment portfolios, collections of art, antiques, etc. Lawyers are expert at identifying gaps and exclusions in insurance policies and consequently will go after damages that exceed your policy coverage.  They will come to huff and puff until they blow your house, your bank account, and any other personal assets all down.  An additional insurance policy may be necessary to make sure you don't lose everything to the big bad wolf.
Times are tough.  Nobody even has to say it anymore.  It’s just a fact.  A fact that we’ve lived with for a few years now.  And while there are some things we can’t do about the times in which we live, there are also some things that we can do.Like protecting ourselves from losing the things we’ve worked so hard to obtain.  Protecting our assets.Some people unknowingly place too much confidence in prepaid legal services – a first attempt at legal protection.  Prepaid legal services are useful at the basic level.  However, there are some things that a prepaid legal plan can’t do.  Times when something more sophisticated is required.  Its limitations apply in tort litigation, criminal cases, and are of little help in traffic cases.  Additionally, there are catastrophic lawsuits where the existing insurance limits are exceeded and additional liability insurance is necessary.
No one wants to get into trouble. Nobody wakes up and thinks, “Boy. Today, I think I’d like to test the limits of my legal and insurance coverage. Honey? Get the 4-wheelers out! We’re going to test them out on that golf course.”Trouble is a thing that pops up when least expected. The trick to taking care of trouble is making sure that as many of these little gaps as possible are not problem areas.Without being alarmists, it can be surprising the things that American adults can be found personally liable for. A large lawsuit can boil down to something simple like:
A personal asset is something of value that you own.  Personal assets can include home, financial accounts, life insurance policies that have a cash value, real estate, businesses, cars, electronics, investment portfolios, collections of art, antiques and other valuables.  We may feel that once we own something, it is ours forever and therefore safe, giving us a false sense of security.  What is happening more and more is that legal judgments in lawsuits often exceed the amount you are insured for leaving your personal assets completely vulnerable.
When phrases like “umbrella insurance,” “gap coverage” and “additional liability insurance” get thrown about by legal professionals, it’s easy to feel buried beneath the flood of jargon. But guess what?! I’m here to throw you a life preserver, and pull you out of the waters of legalese.And speaking of life preservers, there’s a big one out there, and it’s being offered to medical and other professionals by XINSURANCE. It’s called Asset Protection.Jacob Stein, a University of Southern California attorney who specializes in teaching asset protection, writes about the necessity for orthodontists, doctors, attorneys, real estate agents and other professionals, calls asset protection “a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of all asset protection planning is to insulate assets from claims of creditors without concealment or tax evasion.”So, in normal people language, asset protection is like a veil around your assets. Or, even easier to understand, it’s like a moat. With a fence around that moat. And a Doberman Pinscher. A Doberman with a black belt.