Asset Protection
Strategies to Protect Assets from Creditors
More and more people are using the legal system to deprive others of their life’s work. Over 19 million new lawsuits are filed in the United States every year, many of which are frivolous or settled for sums greater than the actual liability.
Attorney Robert J. Kolasa has had substantial experience in assisting clients in asset protection.
Click "Drafting Trusts for Asset Protection" (published article) for various drafting techniques to incorporate asset protection attributes into trusts . Click "ASSET PROTECTION" to see my Powerpoint presentation and class outline for the Asset Protection class I taught at the College of Lake County. Also, click "Hello 13, Goodbye 7, The Bankruptcy Abuse and Consumer Protection Act of 2005" (published article; part #1) and "Asset Protection Changes by the New Bankruptcy Act" (published article; part #2) to see my two-part series on the recent revisions to
the Bankruptcy Act.
Business owners, professionals such as doctors, dentists, lawyers and accountants, and property owners in particular should be aware of the risk associated with conducting their business, practicing in their respective fields, and taking responsibility for others.
Without a massive overhaul of our legal system, the risk and potential liability is not going to decline. In fact it has steadily increased
over the last few decades.
Assets can be at risk due to a number of vulnerabilities, including:
-
Professional malpractice liability
-
Personal liability of corporate officers and directors
-
Lawsuits by former business partners
-
Personal injury suffered on your premises
-
Personal injury resulting form a motor vehicle accident
-
Liability as guarantor for the debts of another
-
Liability arising from misconduct
Asset Protection is not about giving in to fear. It is about empowering yourself in the face of it. Robert J. Kolasa, Ltd. will work with clients to implement proven, legally-sound strategies that will help preserve their wealth and safeguard their assets.
We represent professionals, small business owners, property owners, and other clients with the goal of protecting their assets against potential litigation, judgments, liens, and fraud. Insurance alone does not always adequately protect against all of these threats. Planning steps may include using a variety of strategies including the use of special trusts, business entities and other legal arrangements.