• Lawsuit Protection • Litigation Defense
The attorneys with Michael T. Chulak & Associates represent individuals and business entities throughout Southern California in developing asset protection strategies.
Asset Protection Strategies should be thought of as a vaccine rather than a cure. Asset Protection Strategies can be highly effective at preventing future claims by creditors, but have serious limits in dealing with current creditor claims.
California, like most states, has a Fraudulent Conveyance Act that essentially states that transferring assets to hinder, delay or place them beyond a creditor's reach, is presumed to be a fraudulent conveyance and that such a transfer will not be effective against the creditor. Such conveyances can be set aside by a court.
In order to reduce the possibility of a successful claim by a creditor that a prior transfer was fraudulent, an Asset Protection Plan should be part of an overall Estate Plan and should be implemented long before problems develop with creditors.
Asset Protection Plan - Goals
The first step in an Asset Protection Plan is to discourage a plaintiff's lawyer from wanting to sue you on a contingency basis. This involves:
It is important to note that generally lawyers will represent plaintiffs on a contingency basis only if they can reach significant assets. Otherwise, they are likely to insist that the plaintiff pay hourly. With hourly rates ranging from $250 to $400, or more, the hourly rate will discourage many would-be plaintiffs from filing suit.
If it is not possible to avoid being sued, and insurance is not available or adequate, the next step is to encourage the plaintiff's lawyer to settle for pennies on the dollar after he or she realizes how difficult or impossible it will be to reach any assets.
In addition, it is important to make certain that the plaintiff's attorney cannot collect anything if he or she prevails in court.
Asset Protection Concepts - Basics
Your Personal Wealth is No Longer Safe in America
Without Asset Protection - You Could Be Destroyed Financially
Any of these events could leave you in debt and without a dime:
For additional information on Asset Protection and Estate Planning, please contact us for a free consultation:
Vicarious Liability of Employers
Vicarious liability of employers is a form of strict liability which makes an employer liable for the negligent acts or omissions of employees that occur within the scope of the employee's employment. The employer does not have to be negligent in order to be vicariously liable to a third person. This allows an insured person to sue the employer for the conduct of the employee. Vicarious liability generally does not apply to the acts or omissions of independent contracts. The exception is an independent contractor who is acting as an agent.
An employer can be vicariously liable to a third person when:
Common defenses for a claim of vicarious liability are:
Whether the employee's act or omission falls within the scope of employment will usually depend upon the following standards:
Vicarious liability of employers is a doctrine that makes both substantial insurance coverage and asset protection strategies a necessity.
Bankruptcy and Foreclosure Statistics
The website USDebtClock.org displays real time statistics for bankruptcy filings, foreclosures, employment, unemployment, the national debt, the national deficit, the national debt per citizen, and much more. It is a wealth of information. It will shock you.
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