I have a friend of mine that reminds me of many business owners and the problems that face them. In many cases, a person has assets, is incorporated, has real estate investment properties, and fails to adequately take protecting their money and assets seriously.
I have not talked to my friend about this yet, but one lawsuit or judgment can threaten your whole family's livlihood and/or your family's financial future. In my friend's case, she wants to pay for her kid's college education, which is currently nine (9) years old. One lawsuit would threaten her kid's college education and even their financial future. She has a business and is a creative person and I doubt she seriously is concerned about a lawsuit. She reminds me of a typical client's story.
She does business with some small and big vendors and one contract dispute can threaten her family's financial future. Business is unforseeable at times and disputes are natural in business or an injury. In most cases, a Defendant does not have insurance to pay for a breach of contract or partnership dispute. You cannot insure these types of loses. After paying a lot of attorney's fees, a big judgment can threaten your children and your financial futures.
If you are like most business owners or professionals, Asset protection must be important because one lawsuit can impact your future. In today's economy, I have witnessed this alot within individuals who are 55 and older. Unfortunately, this failure threatens their retirement and their ability to live out their lives in peace and financial security.
Sean Robertson is an Asset Protection Attorney based in downtown Chicago. Sean Robertson may be reached at (312) 498-6080.
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