Asset Protection Information

Jacob Stein specializes in structuring the ownership of your assets to make it difficult, or even impossible, for others to take them away. Creditors, plaintiffs, unhappy business partners, state and federal agencies - all can threaten those assets. Our asset protection planning can reduce, or even eliminate, those threats long before they appear. Our clients tell us that the peace of mind that asset protection brings is priceless.

You are faced with a lawsuit

Being sued is stressful and scary. If the plaintiff obtains a judgment against you, they will be able to use that judgment to take your assets. You must be realistic about your odds of success and what will happen when the plaintiff prevails. Often, we see clients hide behind wishful thinking and optimism. Hoping for the best is not a strategy for success. You want to hope for the best, and plan for the worst.

Even if you are innocent the lawsuit may go against you. We have seen it countless times. Jurors may side with the plaintiff who appears to need the funds rather than the defendant who they assume has money to spare. Plaintiffs may lie and defraud the court system. The judge may not find your side of the story believable.

Even a judge's own personal feelings can put you in jeopardy.

As long as I am allowed to redistribute wealth from out-of-state companies to injured in-state plaintiffs, I shall continue to do so. Not only is my sleep enhanced when I give someone else's money away, but so is my job security, because in-state plaintiffs, their families and their friends will re-elect me.
West Virginia Supreme Court Justice


 

 

 

Many believe that once a lawsuit has been filed against them, it is too late to shield assets from plaintiffs. They are often told so by their litigation counsel or their friends. Our clients are happy to learn that usually there is still a lot they can do to protect their assets.

We strongly recommend protecting your assets before a lawsuit. The old saying, “Prevention is better than cure” is especially relevant in Asset Protection planning. Being proactive is better than being reactive because the odds of success decrease with time. For example, if you are sued because you caused an automobile accident, the best time to plan is before you get into an accident. Once you are in an accident, it is better to plan before the plaintiff files a lawsuit. If they have already filed a lawsuit, it is better to plan before they obtain a judgment. At each stage, the effectiveness of the asset protection structures decreases. But it never decreases to zero. Which means you are always better off doing something rather than doing nothing.

The U.S. is a litigious country and is fraught with frivolous lawsuits. People get sued every day for many reasons. You may have been involved in an accident, an unhappy client sues your business, or a disgruntled employee believes they have been wronged. Everyone is susceptible to being sued, but there are several occupations like medical professionals that are more prone to lawsuits.

Protecting assets is just as important as accumulating wealth. There are many sophisticated asset protection structures available that make asset protection, before and after a lawsuit, possible.