Hello, my name is Susan Farris and my hobby is learning about the law. I have an uncle who is an attorney and I've always looked up to him and that's why I find subjects on law very interesting. Through speaking with my uncle and doing research on my own, I've learned about all the different fields of law. Each field of law centers on its own subject and most attorneys specialize in a certain area of law. These include criminal, personal injury, family, bankruptcy, criminal, immigration and business. I find each one of these fields very interesting and I have the utmost admiration for lawyers because they help people through their legal struggles. I wanted to share this information with others who have questions about the different types of attorneys and the law.
When you find yourself on the wrong side of a lawsuit, your assets can go toward the settlement if you aren't careful. Your best bet is to get in contact with an asset protection attorney lawyer in advance to learn how you can protect yourself. While every situation is unique, learn some of the most popular methods of asset protection.
Homestead Exemption
A Homestead Exemption is a local financial program offered by the government that allows homeowners to retain ownership of their homestead in the case of a lawsuit, barring certain stipulations. The stipulations vary from location to location and include household income and how much is owed. Your lawyer can teach you more about the homestead exemption available to you and how you can take advantage of it so that you don't need to sell your home if you owe money due to a settlement.
Limited Liability Company
A limited liability company (LLC) is a formally recognized company. When you have an LLC, you separate personal responsibility from professional responsibility. Therefore, if an accident happens, only the LLC will be affected and not your personal assets. In the worst-case scenario, you may need to liquidate your LLC to pay off a settlement, but your personal assets won't be impacted, so you can keep your home, personal bank accounts, and other assets without filing for personal bankruptcy.
Offshore Trusts
An offshore trust is a bank account in another country that adheres to that country's jurisdiction. Many countries offer protections in the case of a settlement at home, so those funds will remain available to you. There are specific rules you must adhere to when you have an offshore account, so your lawyer can help you set it up in a way that follows all of the United States laws. Otherwise, you can find yourself in even more trouble.
Insurance
You can get insurance that protects you up to a specific amount in the case of a settlement. Homeowner's insurance will protect you if someone gets injured on your property. Commercial liability insurance protects your LLC in the same situations as your business location. You will need additional insurance to protect you in the case of a patron getting injured by your products or an automobile accident.
Talk to your asset liability lawyer to learn how to protect your personal and business assets. If you already have a settlement against you, your lawyer will be able to tell you your options. For more information, contact a company like Lifetime Estate.
Share15 June 2023
