American Towman Magazine - August 2022

Page 52

Case Closed

Cover Me!

How to Protect Your Assets By Larry Oxenham

Larry Oxenham is a senior advisor with the American Society for Asset Protection and is one of America’s top asset protection experts.

O

ne of the keys to learning how to protect your business and personal assets from lawsuits is to understand how they work. The proceedings of a lawsuit can be broken into six simple steps. Step 1. Injury or Loss: The beginning of a lawsuit is an injury or loss of some kind. Step 2. Finding a Defendant(s) Who Can Pay: Most lawsuits are handled by lawyers on a contingency basis, so one of the first things they do before accepting a case is to perform an asset search to see if the defendant would be worth pursuing. Attorneys search for a candidate with substantial personal and business

52 • August 2022 | Towman.com

An attorney will search for a deep-pocketed defendant and a theory of liability that can be developed against him or her, showing why that defendant should be

held responsible.