Case Example #2
Another client, an architect, had savings of about $75,000, which he had inherited from his mother. Architects have a high lawsuit risk, and our client needed to protect these funds for the care and special education of his eight-year-old child who had severe physical and learning disabilities. Sure enough, within two years after setting up the plan, my client was served with a lawsuit. The plaintiff attempted to get a pre-judgment attachment of the savings but the judge ruled that the assets were properly protected and could not be reached by a lien. Without any assurance of payment, the plaintiff’s attorney quickly lost interest and the case was settled for under $2,000.
These examples illustrate the importance of protecting valuable assets from pre-judgment attachments and judgment liens. Without access to your funds, you can’t pay your household expenses and you can’t operate a business. Worse, if you can’t pay your lawyer to defend the case, you will be forced into an immediate and unfavorable settlement. The proper strategy allows you to maintain access to your funds and your property during and after litigation and that is sound financial and business planning.