Litigation is America's fastest growing business because plaintiffs have everything to gain and nothing but a few hours to lose, says Hillel Presser, author of Financial Self-Defense (Revised Edition), www.assetprotectionattorneys.com.
"Even if a case seems utterly ridiculous - like the man who struck and killed a teenager with his luxury car and then sued the boy's family for damage to his bumper - defendants are encouraged to settle. It's sometimes the only way to avoid potentially astronomical legal fees," he says.
If you haven't already taken steps to protect your assets, that's one New Year's resolution you'll be glad you made and followed up on, Presser says. And while it helps to have the assistance of a lawyer who specializes in asset protection, there are many things you can do yourself.
"You shouldn't have any non-exempt assets in your name," Presser says. "The goal is to 'own' nothing but control everything."
Presser suggests these resolutions for safeguarding your wealth in the event of a lawsuit:
Hillel L. Presser's law firm, The Presser Law Firm, P.A., represents individuals and businesses in establishing comprehensive asset protection plans. He is a graduate of Syracuse University's School of Management and Nova Southeastern University's law school, and serves on Nova's President's Advisory Council. He also serves on the boards of several non-profit organizations for his professional athlete clients. He is a former adjunct faculty member for law at Lynn University.
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