Page Title

= Survived Tax Day, But Can You Survive a Lawsuit

&nbs= p; Another tax day has passed us by, and whet= her you got a refund (return of your money used interest free) or you wrote= a check, clearly the current economic times are not making us very happy.&= nbsp; If you attended a Tea Party, or heard about them, it is clear that th= ere are a growing number of people who are not happy with the government= 217;s spending. I have not heard of any plans for bailouts for indivi= duals.

&nbs= p; Unfortunately, tough times sometimes bring= out the worst in people (sometimes out of desperation, other times out of = pure malice). Winning the Lottery now would be great, that̵= 7;s what some people think when they are in a car accident, have a bad outc= ome in a hospital or other situation. The problem is when you are on = the other side of this situation and are being squeezed to pay. = (Even if you win, you may still have attorney fees to pay just to defend y= ourself). There are things you can do today to protect yourself and r= educe your exposure to lawsuits.

I hope you will find this ar= ticle useful. If you have ideas for future newsletters or if yo= u have any questions please email me at <= span lang=3Den-US style=3D'font-size:11.0pt;line-height:113%;font-family:"Treb= uchet MS"; color:#440000;text-decoration:underline;language:en-US'>jmd@dickersonlaw.= com. Feel free to forward this article.<= /span>

For more information like th= is go to my website: www.dickersonlaw.com

You can also reach me by pho= ne in Laredo 956-791-5422 or Fax 956-791-5401

FEATURED= ARTICLE

= Five Key Actions to Protect Your Assets in Tough Times

By: Joseph Michael Dickerson

&= nbsp; Tough times often bring out= greed and desperation in people. They say America is the land of opp= ortunity, it is also the most litigious country in the world. Did you= know that is cost about $300.00 to file a law suit in a Texas County Court= ? That is pretty cheap, plus the plaintiff’s attorney will pay = for this up front, and you could get sued for almost anything.. On th= e other hand the attorney fees to defend this case can range from $15,000.0= 0 (if the case is weak and there are minimal damages) to $75,000.00 and up = (for stronger case and greater damages). This is a scary thought, con= sidering that these figures are just what the attorney charges not what you= may have to pay to settle the case or a judgment you could get.

&= nbsp; Tough times also cause us t= o cut corners and expenses. You may cut your insurance and put off pr= otecting your assets to save money. Unfortunately this only makes the= problem worse if you are in a lawsuit. You now have to pay to= defend yourself and you may also have them come after the assets you have = worked so hard for. Here Five key actions to protect your assets in t= hese tough times.

1. Keep up your liability insurance: Liability insurance, such as homeowners in= surance and auto insurance, should maintained. Typically an ins= urance company will pay for the defense of the lawsuit that is covered by t= he policy, in addition to the policy limits. A claims adjuster will w= ork on the case from your side (or the insurance companies) thereby reducin= g some of the stress involved with the situation. Having insurance me= ans you will have good legal representation without having to pay for it ou= t of you own pocket, especially in a serious case which could be greater th= an your policy limits.

2. Keep up you health insurance: Medical emergencies and unexpected i= llness, can potentially be a double whammy if you do not have health insura= nce. First the medical problem will hurt you and your family directly= . When the medical bills pile up, you will be faced with the second p= ain. It is imperative to have health insurance for yourself and your = family. Although health insurance is expensive, you can structure you= r health insurance to protect you from these major problems, not just minor= headaches. A high deductible policy will be more affordable, (high d= eductibles range from $2,500- $10,000). It is easier to negotiate a p= ayment plan for a $10,000.00 deductible than a $100,000.00 medical bill.&nb= sp;

3. Protect your portfolio: I know that most people have seen th= eir stock portfolio shrink in value. Nonetheless, unless it is in a r= etirement plan, in could be completely wiped out and quickly (less than 60 = days after the judgment is signed). Your retirement plan (under most = circumstances) is protected from creditors including judgment creditors.&nb= sp; Paper assets, any stocks bonds and certificates of deposit (CDs) that a= re in your name can be liquidated to pay a judgment against you.. One= strategy we recommend is forming an entity through which you manage your i= nvestments, and thereby provide protection from judgment creditors. I= t is key not to form a corporation to own your paper assets, it has weaknes= s in this structure. A limited liability company or limited partnersh= ip will provide better protection for the owner of the partnership or membe= rship interest. When the paper assets are owned by someone else, (the= entity which does not drive or move or hurt anyone) they cannot be used to= pay a judgment against you. The key here is that you need to protect= your assets now, not after the event or notice of a claim.

4. Protect your real estate: Your personal residence is protected= by homestead laws in Texas. But your rental property, ranch, vacatio= n condo may not be. It is important that you protect this real estate= from lawsuits by forming an entity to manage your real estate investments.= The benefits are similar to those suggested above. Howev= er you should keep your paper assets separate from your real estate a= ssets, because owning real estate has a higher liability exposure than owni= ng paper assets does. Having all of these items in one entity will al= low them to be reached in the event that there is liability through o= wnership of the real estate. Sheriffs sales are conducted month= ly on real estate to pay judgments that have been executed.

5. Plan your estate: Estate taxes are scheduled to return= to their prior rates (55% maximum tax rate) in 2011, while at the same tim= e the estate tax credit is gong down from $3.5 million this year to $1 mill= ion. Preparing your estate plan will allow you to take steps to be su= re that your family keeps more of the assets you have worked so hard for , = instead of your “Uncle Sam” inheriting more than half of everyt= hing you own. There are several steps that can be taken to help you a= chieve this goal. Sometimes estate planning will take place over seve= ral years, therefore the sooner you start the better your result.

&= nbsp; Protecting you assets is so= mething that no one can afford to put off, it is a necessity not a luxury.&= nbsp; Putting off asset protection or dropping insurance, are temptin= g options in these tough times, but it is these same tough times that make = it even more important to have these protections in place.

Take the next Step<= /p>

&= nbsp; As you can see = these five actions everyone needs to have in place for their protection and= that of their family. Contact my office today to schedule a co= mplimentary no obligation review of your needs. Call now to set up yo= ur appointment 956-791-5422.

NOTES: &= nbsp; I do not sell insuran= ce and I am not licensed to sell insurance. Special thanks to Baldema= r Garcia.

&= nbsp; I hope this inf= ormation will helpful to you in evaluating your current estate planning nee= ds. You will find more information like this in my book “The Ro= ad Map To Rich” which is available for purchase at my website = www.theroadmaptorich.com. If you are interested in additional= reports, articles and newsletters or to contact me got to www.dickersonlaw.= com/Information_Request. Thanks again for your interest.

Joseph Michael Dickerson = is available for consultation by appointment. 956-791-5422 or email <= /span>jmd@dickersonlaw.= com

By: Joseph Michael Dickerson, J.D., M.B.A.

&n= bsp; Author of the book “T= he Road Map to Rich”

You are receiving this em= ail because your email address was provided to Joseph Michael Dickerson.&nb= sp; If you wish to be removed from this mailing list please click here.

Job Loss, R= ecession, Bear Markets.

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This book will g= uide you to starting you own business, and investing in real estate. = You will be guided on starting a business part time and holding on to your = “day job” until the new business takes off. Order y= ou copy of this valuable resource today for only $16.95 plus shipping and h= andling.

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Who is Joseph Michael Dickerson?

I have been a= n attorney practicing in the estate planning area for over 13 years. = My practice focuses on three primary areas, Estate Planning, Business Entit= ies and Real Estate, so I am highly knowledgeable on these specific areas.&= nbsp; I also am the author of The Road Map to Ric= h a book focusing on entrepreneurship and rea= l estate for building and preserving wealth. I have helped hundreds o= f clients preserve their estates and protect their assets from lawsuits.

Why Chose Joseph Michael Dickerson?

My firm pride= s itself with the highest levels on client confidentiality and privacy.&nbs= p; My clients receive the same level of service as the out of town firms wi= thout the long drive. I represent clients all over the state, from La= redo to Dallas and Houston to El Paso and those areas in between, like Aust= in and San Antonio. My firm focuses on helping client’s build w= ealth and protect their assets as their wealth grows.