Did you know that the average jury verdict in automobile accident cases in Cook County Illinois is over $1,200,000? That’s the average. That means that fully half of the verdicts are for more. Is your auto insurance coverage limit enough to cover such a loss? If your home and other assets were taken to pay a creditor would you be able to re-build your estate?
Junk lawsuits seeking jackpot justice contaminate the legal system and Illinois is among the States leading the way. For example consider a recent case decided by the Illinois Supreme Court. A customer was killed when a car jumped the curb and plowed into the building where the customer was seated. But the case was not against the driver. The court allowed the wrongful death lawsuit to go forward against the business.
There are many levels of asset protection planning. The gold standard in asset protection planning is the foreign asset protection trust.
First steps and initial meeting preparation. What vulnerabilities do you perceive?
- Professional liability to customers, clients, patients?
- Existing lawsuits
- An incident that could result in a lawsuit but none has been filed yet
- Ownership of so-called “hot” assets, that is, assets that may result in liability. The most common in this category is rental real estate. You transfer control to strangers and their activities may make a substantial liability fall on you, such as the famous porch collapse case in Chicago in which a number of young people died.
DO NOT attempt to transfer an asset to a family member in order to deal with a perceived existing threat. Not only will this not work, but it also makes the family member a vulnerable target.
There is nothing shady about asset protection strategies. We do not hide assets and protection does not mean a tax dodge. In a proper asset protection strategy your assets are protected because the law is observed, not skirted.
Call our office for a consultation. 847-674-0200. The fee for the initial consultation is $450. It typically takes about 1 to 1 ½ hours. The $450 is waived if you decide to go forward with your planning. The fee for the planning will depend on what you need and will be quoted at the consultation. It will be a fixed fee, not an hourly rate.