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Asset protection is a process by which persons try to protect their assets from seizure by plaintiffs or creditors. These two words have become even more important during a recession, when the need to protect and preserve your wealth from creditors and plaintiffs is significant.

If you have not considered asset protection, these gloomy economic times might be a good time to start. Earlier this month, we blogged about the rising dog bite claims and employment-related lawsuits since the economy collapsed in 2008. The fact is that when times are tough, your risk of being sued by creditors or persons on the flimsiest basis, rises significantly. It is not just doctors and other health care professionals who are at the highest risk of being sued. Even if you are a regular person whose dog happens to bite someone on your property, or a small business employer who has had to lay off staff as part of business restructuring, you could find yourself named in a nasty lawsuit. Your assets might be under attack. The US legal system makes it far too simple for plaintiffs to sue a person and recover large sums of money. In a situation like this, asset protection is not just an option, but a necessity.

Fortunately, the availability of sophisticated, watertight asset protection systems means that you don’t have to resort to crude measures, like depositing your money in a family member’s bank account. There are sophisticated ways by which you can preserve and protect your assets, while continuing to enjoy and use them. These include the setting up of domestic and offshore protection trusts.

If you believe asset protection is only for the wealthy and that your limited assets don’t qualify for protection, you could be devastatingly wrong. The main thing to remember about asset protection is that many of these methods don’t work if you attempt to protect the assets after you’ve been sued. It’s important to begin the process of protecting your assets much before creditors are able to file legal action against you.

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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