Few things can derail a retirement plan like a liability lawsuit. Anyone who has accumulated sufficient assets should consider taking proactive steps to protect their assets against such potential litigious actions. It is prudent to implement risk management strategies in the event you, someone in your family or even an employee is found to be legally responsible for injuring someone or damaging their property beyond the limits of your standard liability insurance coverage. Under such circumstances and without proactive planning, the legal liability outside your insurance coverage would likely have to be paid from personal assets. This could cause financial ruin. By following some of the following basic asset protection strategies, an individual can potentially reduce the impact of a creditor claim.
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