For more information or to get a quote contact us today
03 Aug Protecting What You’ve Worked So Hard For- Asset Protection Insurance
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.
The lure to processing frivolous lawsuits is the fact that the cost of even defending them (even before trial) is $94,000 according to Lodmell & Lodmell. In all honesty the settlements that result from a majority of these cases seem more and more like legal extortion. And one of the most luring locations for unsubstantiated claims is in the employee world – wrongful termination, sexual harassment and more.
So, what is the best method for protecting your assets in these cases? It’s called deterrence. If there’s little chance of receiving a settlement in a frivolous case, then there is little motivation to process the claim. The deterrence strategy protects business and family assets from the risk of potential liability while maintaining asset control. The process includes a workplace policy for resolving disputes and claims through arbitration. And, finally it puts your assets out of reach, if necessary.
There are two major factors in this asset protection process: Asset Management Limited Partnership (AMLP) and the International Wealth Management Trust (IWMT). The AMLP puts a legal barrier between your assets and anyone trying to get them. The IWMT can, in the case of necessity, completely remove the asset from the reach of the U.S. Court System.
The key point is that the strategy needs to be established prior to any lawsuit or claim. Planning and preparation are crucial. So instead of leaving all your hard work out there to be grabbed by frauds, contact a company that knows how to properly structure a plan for truly protecting your assets—a company like XINSURANCE.
“How to Protect Your Assets from Abusive Claims” By Douglass S. Lodmell, J.D., LL.M. Co-founder and Managing Partner, Lodmell & Lodmell, P.C.