Today's blog is about the importance of setting up your asset protection plan before commencing or beginning a lawsuit against another party. The first rule when one sues another party is that the Plaintiff should expect the possibility of a counter suit.
A counter suit is essentially a lawsuit being filed against the Plaintiff. For example, I have one client who is a physician that sued other physicians for violating their non-compete agreement. In return, the physicians filed a lawsuit against my client and his former business partner. The end result was a $1.6 million judgment against my client.
Fortunately, my client had performed asset protection legal services. Typically, the beginning process is to properly set up your home. This is done by placing your house into a Private Land Trust. A private land trust is a strategy in Illinois that does not allow liens and judgments to attach to the real estate. This is one (1) helpful tip.
Sean Robertson is an estate and asset protection attorney for Physicians and Dentists. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
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