Asset Protection: Coronavirus Recession Risks

PRO ASSET PROTECTION
Your Wealth, Made Safer
www.ProAssetProtection.com

As businesses continue to close and the number of Americans
making unemployment claims have surpassed ten million as
of April 2, 2020 another recession may well be upon us.
We helped many successful individuals survive the last
recession that started in 2008 by helping them manage and
identify risks. Unfortunately, times of economic duress require
increased vigilance and attention to detail.

Based on nearly two decades of experience with thousands of
clients, here are some the specific threats that spike during
tough times, when people are scared, desperate and willing to
make claims that they may not ordinarily have pursued.
We hope sharing this “20/20 hindsight” allows you to identify
any areas you may need to act on now, before they become a
crisis.

Personal Injury Lawsuit Risks Spike In A Recession.
No, you are not imagining an increase in plaintiff attorney
advertising. They are aware of the pressure and are offering a
“solution”. Your wealth.
1. Car Accidents
2. Real Estate and Premises Related Liability for Landlords and
Homeowners
3. Worker’s comp claims
4. Product Injury Lawsuits

Business Lawsuits Increase
1. Lawsuits by investors you may have solicited for a business
project or investment project
2. Intracompany lawsuits between partners including medical
practices and family businesses
3. Lawsuits regarding the sale or purchase of a business that is now
on hard times
4. Disputes over contracts that can’t be fulfilled for any reason
including forced closure, loss of labor, loss of supply chain
5. Employment lawsuits for termination, harassment etc.

Property Crimes Increase
1. ID theft both in person and online through phishing etc.
2. Mail and package theft since we’ve switched to a delivery
economy
3. Burglary including break-ins at both occupied and unoccupied
commercial and residential property
4. Internal fraud, theft and embezzlement by business partners and
employees
5. Robbery and other violent crimes

Your Economic Position Becomes More Fragile
1. Your actively earned income may stop or significantly decrease
2. Your passive income from investments and real estate may stop or
decrease
3. You may not be able to service all your debts from savings
4. You may be unable to continue in your current profession
5. Your spouse or extended family, including parents or adult
children may lose employment, income or otherwise become
insolvent

Personal Planning Moves to Review NOW - While You Can Still Act
1. Review Key Insurance in These Areas
- Disability Insurance
- Life Insurance
- Long Term Care Insurance
- Personal Liability Insurance - including an umbrella of at least $2MM and
hi limits of UIM and UM coverage (under-insured and un-insured motorist
coverage)
2. Get an estate plan in place or update your current one

Personal Planning Moves to Review NOW - While You Can Still Act
3. Implement personal asset protection planning against unforeseen
circumstances
4. Re-evaluate your personal security practices including use of alarms,
cameras and other security devices
5. Secure your personal property against theft and create a visual record of
your valuables, like taking pictures and video of the contents of your home
6. Update your passwords, virus protection and use two-factor identification
for online accounts.

Business Defense Moves To Make NOW
1. Make sure you have all your internal corporate documents and that
they are up to date including cross-purchase and buy-sell agreements
with any partners
2. Make sure these agreements are FUNDED with life and disability
insurance as they require in case of the death or incapacity of a partner
3. Work with your CPA to create a cashflow analysis and budget
4. Review all your business insurance for loss and liability limits and cost
and in addition to general liability make sure you have the specialty
business liability required, at the right amounts.

Business Defense Moves To Make NOW
5. Review and upgrade all your IT and physical security protocols
6. Have an up to date employment policy manual
7. Consider your financial controls to prevent internal theft and
embezzlement – it shouldn't ever be delegated to one person who no
one checks up on
8. Consider if you need to insure any key employees in the event of their
death or disability or if you need disability overhead insurance
9. Review any public safety protocols that may be required by COVID-19

This list can’t ever be complete, so please apply your own facts to
these suggestions and get experienced professional help now,
before a crisis occurs.
Your options are greatest in number, lowest in cost and most
predictable if this is preventative planning.

About The Author:
Asset Protection Attorney Ike Devji has nearly 20 years of experience
devoted exclusively helping to protect over $5 billion in personal
wealth for a national client base that includes thousands of business
owners, real estate investors, physicians and entrepreneurs.
He is a frequent speaker, educator and author on these issues with
hundreds of national bylines in legal, financial and medical
publications.
He is the founder of Pro Asset Protection and Arizona Wealth Law and
is also of-counsel with the Arizona law firm of Davis Miles McGuire
Gardner and the leading national Asset Protection law firm of Lodmell
& Lodmell, P.C. where he was previously the firm’s managing attorney.

Asset Protection: Coronavirus Recession Risks

Recommended

Recommended

More Related Content

Similar to Asset Protection: Coronavirus Recession Risks

Similar to Asset Protection: Coronavirus Recession Risks (20)

Recently uploaded

Recently uploaded (20)

Asset Protection: Coronavirus Recession Risks