Asset Protection Planning
Westborough MA Asset Protection Planning Attorney Services
A common misconception is that only wealthy families and people in high risk professions need to put together an asset protection plan. But in reality, anyone can be sued.
A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that could have a drastic impact on your finances.
The Socius Law Firm offers asset protection planning services to help you prepare against future lawsuits, divorces, and creditor actions.
We can help you take advantage of techniques that are available to protect your assets and earnings.
What is Asset Protection Planning?
Asset protection planning is the process of taking property currently vulnerable to seizure by creditors, predators, and lawsuits and positioning it in a way to discourage lawsuits, provide a valuable bargaining chip if a lawsuit arises, and minimize loss.
Types of Risks
Professional Liability: Those who most often need asset protection planning have professional liability risks – such as physicians, surgeons, dentists and other health care professionals, lawyers, architects, accountants, and sometimes those involved with business enterprises that pertain to health care, such as skilled nursing facilities and assisted living facilities. Those in construction (builders, developers) are also concerned. And, in a down economy, some people are concerned about having signed personal guarantees for real estate development or other purposes.
As a general rule, one cannot limit one’s own professional liability through a legal device. Also, most state statutes do not permit nonprofessionals to own a portion of a professional practice. For those concerned about professional liability claims, the best first step is to have adequate malpractice insurance.
Professional Liability of Others: A physician or surgeon needs protection against malpractice claims against others in the practice. They will want to know what can be done to protect themselves from that exposure. Putting that protection in place is a good second step beyond having adequate malpractice coverage.
Non-Practice Personal Liabilities: These could be business deals (possibly real estate) that have gone bad or tort claims (car accidents, etc.). Even within the practice there could be non-professional liability claims, such as employment practices, employment discrimination, sexual harassment claims, and even such things as slip-and-fall claims.
Other Liabilities: These include income and estate taxes; a practice member’s spouse or ex-spouse claiming an ownership interest in the practice or another entity; children’s spouses and ex-spouses and their behavior which can lead to loss of family assets, etc.
When to Plan
The best time to plan is before the claim arises. There are different rules that apply for known creditors and unknown future creditors. But even with an existing claim, and sometimes even when a judgment has been entered, some options may still be available.
Learn More About Socius’ Asset Protection Planning Attorney Services
Contact us or call us at our Westborough MA office at (508) 870-5759 with any questions regarding Asset Protecting Planning. The Socius Law Firm represents individuals, families, small-business owners and professionals throughout Central Massachusetts and Worcester County including the communities of Westborough, Southborough, Northborough, Hopkinton, Grafton, Shrewsbury, Upton, Marlborough and Framingham.