Apr 292011
 

Asset Protection Do you need asset protection? You probably have insurance and believe that you are adequately protected against loss. Many clients visit our office after an event has occurred fearing a law suite against them for damages in the near future.

Unfortunately, insurance is a business and as clients have informed me, insurance companies often look for a way to avoid paying a claim for damages. Not all insurance companies are alike and some of them fulfill their responsibility when obligated. So yes, you should have adequate insurance coverage with a good insurance company. One note here, read your policy carefully. If you don’t understand your rights under the policy, contact an experienced attorney at Ourednik Law Offices to assist you. There are often exceptions to your coverage. When an event occurs, you may believe that you are covered, only to find that your policy specifically exempts loss from the type of incident that you or your company recently incurred.

An example of this activity might include a car accident with an employee driving a company vehicle. You hired an employee and they have been a model employee, however you had no idea that the person has two previous DUIs. In the small print of your policy it states that policy coverage does not cover drivers with certain infractions in their recent driving history. When you call the insurance company to make a claim, your insurance company promptly informs you of the exception in your policy and you realize payment for damages is going to come out of your pocket.

Fortunately, asset protection techniques exist in the state of Florida that an Ourednik Law Offices estate planning attorney can utilize to protect you from losing the things that you have worked so hard for. Asset protection is not only for the wealthy. When you think about it, a person owning a rental property worth $150,000.00 needs assets protection just as much if not more than a person with 10 million dollars worth of properties. If the person loses their $150,000.00 rental property, they have nothing. If the millionaire loses a one million dollar property, that person still has 9 million dollars worth of properties.

To learn about asset protection techniques, including which ones might be appropriate for your situation, contact an asset protection attorney at Ourednik Law Offices, P.A. for a consultation.