Law Office of Rick Todd Blog

Thursday, November 10, 2016

Asset Protection Lawyer in Columbia, Maryland

Columbia is an upper middle class city in Howard County, Maryland: a county with one of the highest per capita incomes in the country. Because of that, clients in this county needing legal services have high incomes and work in professions that subject them to civil litigation (lawsuits).

What kind of professions are these? Lawyers, doctors, dentists, rental property owners, small successful business owners. The main way to protect from lawsuits while in these professions is to take out a personal liability insurance policy. However, there are times when the policy will not cover damages incurred in an adverse judgment in a court of law, which is when they might turn to an asset protection lawyer.

If you have too many claims, or the amount of damages is higher than your policy, or there is some behavior in the party of the policy holder that violates the policy agreement, then you might not be able to cover the loss. And, since you are personally liable, you might end up having to liquidate your personal assets to pay.

This, of course, can be devastating and ruinous. There is an alternative to all this: asset protection. Asset protection, generally speaking, is the placing of assets into trusts that protect them from a creditor, including judgment creditors.

It’s expensive, but it is the “Plan B” of navigating the creditor world. Not only are judgment creditors avoided, but other creditors, such as those related to debt, are also potentially avoided. Asset protection is truly the last line of defense for an individual with a high income and a degree of wealth.

If you feel that your liability insurance will not protect you, asset protection is the obvious next step. This is an area of the law that is complex, but working with an asset protection lawyer is worthwhile for the right type of individual. Asset protection is far from a certainty; many people cannot be protected for various reasons. For many, though, it is sufficient to give people peace of mind and a more restful sleep. 

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The Law Offices of Rick Todd has offices located in Columbia, Chevy Chase, Fairfax, Virginia, and Maryland and serves clients throughout Clarksville, Columbia, Ellicott City, Fulton, Rockville, Bethesda, Potomac, Laurel, Howard County, Montgomery County, and Washington D.C.

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