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A primary estate planning goal for most people is to hold on to as much of their wealth as possible to pass on to their children and other loved ones. To achieve this, you must limit estate tax liability and protect assets from creditors’ claims and lawsuits. Let’s look at some asset protection planning facts and lawsuit statistics. Did you know:
78% of lawsuit defendants never thought it would happen to them
The US has 80% of the world’s lawyers.
96% of all lawsuits are filed in the U.S.
A new lawsuit is filed every 30 seconds, on average
The self-employed and small business owners have a 33% chance of becoming a defendant in a lawsuit
There are over 100,000 students in law school today
FBI reports that a quarter million criminals make their living through lawsuits
Asset Protection is not just for the wealthy. Recent studies show that the average income bracket for targeted lawsuits is under $200,000 a year.
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