By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The News GodThe News God
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
    • Travel
    • Education
    • Entertainment
    • Law
    • General
Reading: 5 Proven Ways to Make Your Assets Untouchable During a Lawsuit
Share
The News GodThe News God
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
Search
  • Politics
  • News
  • Business & Finance
  • Lifestyle & Health
  • Sports
  • Tech & Autos
  • Home and Garden
  • Other Categories
    • Travel
    • Education
    • Entertainment
    • Law
    • General
Follow US
  • Blog
  • Blog
  • Advertise
  • Advertise
The News God > Blog > Business & Finance > 5 Proven Ways to Make Your Assets Untouchable During a Lawsuit
Business & Finance

5 Proven Ways to Make Your Assets Untouchable During a Lawsuit

Abubaker Rafiq
Abubaker Rafiq  - Content Writer October 30, 2021
Updated 2022/05/20 at 4:15 PM
Share
4 Min Read
Lawsuit document
SHARE

Did you know that more debt collectors have been leveraging the courts? If you want to learn how to protect assets from lawsuit issues, we can help.

In this guide, we’ll go over how to protect your assets.

Want to learn more? Keep reading.

1. Look at Getting Liability Insurance

You can protect your assets by having a solid liability insurance policy. These policies get called umbrella policies.

If you’re wealthy, you should at least have a policy that will cover 10 million dollars. Having 20 million or more of coverage is advisable, depending on your situation.

Liability insurance is an effective way to avoid losing huge assets in lawsuits.

2. Protect Business Entities

Your personal and business assets should get separated. You can do this with a limited liability business entity, which will ensure your wealth gets protected.

If you’re self-employed, you could become liable for lawsuits arising in business.

Two business entities that offer limited liability protection to owners are a Corporation and a Limited Liability Company. Use one to protect your assets from lawsuit claims against your business.

You can transfer assets to the business if you’re worried about a personal liability claim. This will protect the assets that belong to the business in this situation.

3. Asset Protection Trusts

Asset protection trusts are a powerful asset protection tool. These provide maximum asset protection to assets in the trust, and it also protects the beneficiaries of the assets.

A primary advantage of asset protection trusts is that they let the trust’s granter be the sole beneficiary.

Transfer assets from your name into the trust. Also, remain as the beneficiary, so you benefit from the proceeds of those assets.

The assets will be protected by the trustee who has the responsibility of the assets. They aren’t under an obligation to turn the assets over if the grantor gets sued.

4. Retirement Accounts

An ERISA-qualified retirement account will enjoy complete asset protection if bankruptcy occurs. IRA accounts get protected up to one million dollars.

Transferring assets into a retirement account will protect them. Protect your assets from bankruptcy or unexpected lawsuits.

The rules will differ depending on the state. It’s essential to speak to a retirement plan expert or asset protection lawyer.

5. What About Real Estate Protection Laws?

Homestead exemptions will protect the equity in your main residence. Your main residence isn’t an investment property. The exemption will protect against seizure by creditors.

Yet, homestead exemptions will vary from state to state. In some states, homeowners will have an unlimited homestead exemption. Find out more about the law in your state.

If you want to keep learning, read more about the protection of assets.

You Can Protect Assets From Lawsuit

We hope this guide on how to protect assets from lawsuits was helpful.

Consider working with a retirement plan expert or hire an asset protection lawyer. They can guide you on what steps you should take in your particular state.

Are you looking for more financial advice? Keep learning how to grow your wealth and protect it by learning more on our blog.

You Might Also Like

The Benefits of Using a Walkie Stacker

What is the importance of using hand pallet jacks?

Money Saving Tips for Online Shopping

Crypto Liquidity Providers: No Transaction, No Party!

7 Good Ways To Diversify Your Investment Portfolio

Abubaker Rafiq October 30, 2021
Share this Article
Facebook TwitterEmail Print
Share
Previous Article Google Sheets Now Suggests Automatic Formulas and Functions According to the Worksheet Context
Next Article A Beginners Guide to Growing Weed the Right Way

Stay Connected

235.3k Followers Like
69.1k Followers Follow
11.6k Followers Pin
56.4k Followers Follow
136k Subscribers Subscribe

Latest News

Who is Matthijs de Ligt ?
Who is Matthijs de Ligt ?
Sports July 3, 2022
Prosecuting Trump is a greater threat than the challenges it creates, according to Liz Cheney.
Politics July 3, 2022
How to Choose a Rifle: The Complete Guide for Hunters
General July 3, 2022
Nathan Ake-Biography, Networth, Wife and Social Media Contact.
Nathan Ake-Biography, Networth, Wife and Social Media Contact.
Sports July 3, 2022

You Might also Like

Walkie Stacker
Business & Finance

The Benefits of Using a Walkie Stacker

July 2, 2022
Hand Pallet Jack
Business & Finance

What is the importance of using hand pallet jacks?

July 2, 2022
Money Saving Tips for Online Shopping
Business & Finance

Money Saving Tips for Online Shopping

July 1, 2022
Crypto Liquidity Providers: No Transaction, No Party!
Business & Finance

Crypto Liquidity Providers: No Transaction, No Party!

June 30, 2022

© 2022 Thenewsgod. All Rights Reserved.

  • About
  • Contact Us
  • Terms of Use & Privacy Policy
  • Advertise
  • Disclaimer

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?