Thursday, January 27, 2011

Asset Protection and High Net Worth Families

Asset protection is critical for high net worth families, business owners, physicians, and dentists. Often times, I consult with a high net worth family and they are simply unprepared for the possibility of litigation and the risks associated with litigation.

Currently, my law firm is considering filing a lawsuit against a high net worth individual and business owner in the Western Suburbs of Chicago. This gentlemen has a lot of name brand cars, but his wealth is in serious jeopardy over one (1) law suit. Most likely, my law firm understands that this gentleman is ill-prepared to face the asset exposure of litigation. Asset protection gets important to potential Defendants when they face serious risks of litigation. Often times, asset protection is either minimally effective at this time or simply to late for real asset protection. However, I recommend that a qualified asset protection attorney evaluate your unique situation. Asset protection late may even be better than no asset protection, but the risks do increase.

If one attempts to avoid a judgment or lawsuit by fraudulently transferring their assets away from themselves, a creditor may force the Debtor to transfer the assets back to the Debtor. Good asset protection counsel is important on this and many other issues for high net worth families.

Sean Robertson is an Attorney that concentrates in asset protection, corporate, estate planning, and litigation in the Naperville and downtown Chicago area. Sean Robertson can be reached at (630) 364-2314 or (312) 498-6080.

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