In a society that is extremely litigious, many businesses, as well as individuals often, look at ways to protect their assets from lawsuits as well as from claims made by creditors. A way to do this legally is through dedicated Asset Protection Services Henderson NV. Asset protection is a way to protect a person or a business’s assets from being taken from them. This can happen in civil lawsuits against an individual or business. There are many different ways to legally protect assets, but in order to do this, a person or a business is going to need help from an attorney.
There are many things that businesses can do to protect their assets, however, perhaps one of the most basic and effective methods is to ensure that the business has the right level of insurance protection. Liability insurance, property insurance, specialty insurance and umbrella policies can make sure that any claims that have to be paid out by the business can be covered by the insurance coverage. This can prevent assets from the business being sold to make settlement payments, as well as protect the business finances from being taken in order to settle punitive damages.
For individuals, the methods can be quite numerous. For example, personal liability insurance is one way to protect assets. However, this type of insurance can be quite costly. For married couples, one spouse can transfer their assets to another spouse, and unless both spouses are legally liable in a lawsuit or a dispute with the creditor, this could be a prudent way to protect assets. However, it can become complicated should the spouses decide to divorce before the assets are officially returned to their rightful owner.
One of the better ways is to transfer ownership of any assets to children or move the ownership of those assets into an irrevocable trust. This can be an expensive and complicated legal maneuver, but it’s an excellent way to protect assets. Regardless of whether it’s for a business or an individual, Asset Protection Services Henderson NV are something you may want to consider.
To understand all your options, it’s a good idea to speak with an attorney like Grant Morris Dodds. This attorney can answer your questions and help you to learn more about what asset protection can offer you. To learn more about this and other asset protection issues, you can simply click here.