Lybarger Law Blog

Protecting Your Wealth From Professional Liability Threats

As mentioned in a previous article about personal liability threats, in today’s world we are overloaded with litigation and lawsuits and it is imperative that you take the necessary actions to protect your wealth and assets against all types of potential risks.  Contacting an asset protection attorney today is the first step to protecting your wealth.

In this article, we put together a list of potential professional and business liability risks and threats that could severely devalue your financial situation if your assets are not properly protected.  This is not an all-inclusive list but should open your eyes to some of the possible incidents that could happen at any given time.

Malpractice

You might think this category only applies to Doctors or Attorneys, however it can apply to many types of businesses and practitioners. A malpractice suit can be devastating to your business and personal wealth.

Discrimination

This seems to be a hot topic on the news right now. Discrimination can happen in so many ways and the lawsuits can happen at  moments notices even if they aren’t necessarily justified.  These suits can come from asking the wrong questions during the hiring process, not following the proper termination processes, or refusing to do business with a certain groups.  As a business owner, you may not be directly involved in any of these processes, though you can still be liable for the damages.

Work Related Injuries

Work related injuries can happen on the job site, or could be external if your business makes deliveries or service calls outside the shop. If an employee causes an accident while making a delivery, you could be liable for the expenses and damages incurred. If an employee is injured by equipment, or slips and falls on a job site, you can be responsible for damages.  While having a worker’s comp insurance policy can cover all or most of these expenses, there can be times when the type of injury or damage is well beyond what the policy will cover and you or your business will be on the hook for the rest.

Product Liability

If you manufacture products and later it is determined that your products are faulty and have caused serious damage (or worse), you could be held responsible for any damages that occurred.

What Can You Do?

Again, this is just a short list of potential threats to your business that can have significant impacts on your wealth if your assets are not properly structured and insulated.  There are many more threats out there, but these are the most common and can help open your mind to what could go wrong at any given time.

The best thing you can do today to help protect yourself and your wealth is to contact an asset protection attorney and have them put a strategy together that fits your needs.  Your businesses need to be isolated and shielded from your personal assets and vice-versa.

For a free consultation, you can contact Lybarger Law Offices at 702-340-2335.

Protecting Your Wealth From Personal Threats

America has often times been dubbed the land of litigation. It seems like everywhere you turn now a days, everyone is suing everyone. The more wealth you have, the bigger the target you can become, so it is extremely important that you protect your assets to help eliminate, or limit, your risks for any type of liability. It’s also very important to make sure your asset protection structures and privacy are in place prior to any incidents that may come your way.

If you think that you are safe and use a lot of caution in your life and that a financial setback would never happen to you, take a closer look. Here is a small list of potential liability risks that could happen in your personal life that if not insulated against could impact your finances immensely

Auto Accident

Car accidents happen every day and can happen in an instance.  While you may have car insurance, depending on the type and amount of insurance and the cause of an accident, you could end up with liability well beyond what your policy will cover.  Also, if you have children and they cause an accident while being negligent that leads to extreme injury, you could be on the hook for that lawsuit as well.

Medical Issues

Sometimes, we run into unexpected health issues in our lives.  It may not your fault that you start to experience a health problem, and can happen in the blink of an eye.  It can be cause from internal as well as external factors and you never know if an incident will occur no matter how healthy you seem to be.  The medical issues can also happen to a family members, like children, spouse, parents…etc, and you may need to take care of the expenses.

Medical problems can be very expensive, and insurance (if you even have it) may not cover all the expenses need to get you or your loved one fully back on track.

Divorce

There’s no doubt about it, divorce is a terrible thing. Everyone wants happily ever after to be the norm, but it just isn’t true all of the time. A spouse could try to take you for everything you own and you may not see the writing on the wall until it is way to late to structure your assets the best way. A divorce can also potentially lead to high legal costs and ongoing financial liabilities such as alimony and child support.

Social Incidents

Have you ever hosted a party or event at your house?  What would happen if you provided drinks for everyone there and an accident happened in your house and someone was seriously injured?  Or what if one of your guests became extremely intoxicated and attempted to drive home and caused a serious accident on the way.  Or perhaps you go out of town and your teenage kids throw a party at your house and a similar tragedy happens.  Any of these scenarios could put you in financial jeopardy.

What You Can Do?

This is just a small list of things that can happen in your personal life that can open you up to large amounts of debt and/or lawsuits.  If your personal finances are not separated and isolated from your business finances, these lawsuits can attack all of your wealth and assets even though the lawsuits are based on personal criteria,

There are a myriad of ways through which you can protect your assets and limit your liability, however it is extremely important to have this protection in place well before any type of incident occurs.  The best way to establish your best strategy is to work with an attorney that is highly skilled in asset protection services.  If you would like to put the extensive experience of attorney Charles Lybarger to work for you, please call 702-340-2335 today for a free consultation.