No, asset protection is not for rich people. In fact, ordinary middle class Americans should have an asset protection plan especially if you are a self-employed professional or have your own business. For Physicians, Dentists, Doctors, Construction Owners, and many other professionals, your incorporation does not limit your malpractice exposure.
Most professionals have malpractice insurance to cover malpractice claims. However, there are a lot of liabilities that are not covered by insurance. These type of risks include business and partnership disputes, breach of contract claims, and any type of fraud claim.
In many cases, breach of contract claims and business partnership disputes are the most common types of litigation. Generally, one files a breach of contract claim or has a breach of contract claim filed against them when they are owed money or they owe somebody money. In today's economy, many business owners are being sued in record numbers. Furthermore, we have a lot of mortgage foreclosures. Many of these homes that are in foreclosure are owed by people that own multiple properties. Mortgage foreclosures threaten real estate owners entire assets including other properties. These items are most likely occuring to middle-class America. Rich people are not experiencing a lot of mortgage foreclosures because they have the resources to avoid a mortgage foreclosure.
In conclusion, asset protection is for anybody that has a legitimate risks of litigation. This could include all of society because litigation is rampant and it is hard to predict when litigation may occur. For example, Charlie Sheen could have never predicted he would be involve with a civil litigation case a year ago. Litigation is generally unexpected and therefore, it is important to plan your estate plan and asset protection plan prior to a lawsuit or the risks of one.
Sean Robertson is an asset protection attorney in Chicago, Illinois. Sean Robertson may be reached at (312) 498-6080.
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