AV-Rated Attorney Paul Deloughery is licensed in Arizona and helps clients throughout the U.S.

Do I Need An Asset Protection Plan?

by | Jun 2, 2019 | Asset Protection Tips & Stories | 0 comments

The State Bar of Arizona’s June 2019 magazine included an article entitled “Arizona Civil Verdicts: 2018.” I read it two times to make sure I wasn’t misinterpreting something. If you’re involved in a civil lawsuit in Arizona, you have a 50/50 chance of losing. If you’re asking yourself “Do I need an asset protection plan?”, consider that the average 2018 civil court judgment in Arizona was $902,603. 

Do you need an asset protection plan? Consider these statistics:

  1. Arizona juries delivered only one jury verdict over $10 million. But there were 14 verdicts between $1 million and $10 million.
  2. Statewide, plaintiffs and defendants won exactly the same number of lawsuit verdicts. In other words, all things being equal, they could have just flipped a coin and avoided the legal fees and years of litigation. Over the past 10 years, the statistical chances of a plaintiff winning in any given civil case remained within the range of 48 to 63 percent.
  3. Lawsuits tended to result in higher verdicts in rural counties (i.e., outside Maricopa County or Pinal County).
  4. The average plaintiff’s verdict in a business case was $574,654! Such cases include cases you would expect in a business case. For example, breach of contract, breach of fiduciary duty, fraud, insurance bad faith, employment, condemnation, and property damage.
  5. The average personal injury verdict was $1,139,319. These cases included motor vehicle accident injury, product liability, medical malpractice, premises liability, and wrongful death cases.
  6. The way plaintiffs can afford to take cases to trial with a 50/50 chance of winning is by using No Win – No Fee contingency lawyers. Why not roll the dice if it costs you nothing and you have a chance of getting rich???

If you have assets to protect, do it before you get sued

Your options are limited if you get a claim against you or get sued. At that point any transfers will most likely be considered fraudulent. At best that means that a court can reverse the transfers. At worst, you could be held criminally liable (at least in Arizona). See A.R.S. Sections 13-2204 through –2206.

The best way to protect your assets is using a method that is tested and proven. At Magellan Law, we use methods that have withstood the test of time for decades.

For information about how to protect yourself from lawsuits, call 602-443-4888. Or you can contact me here. I look forward to talking to you.

(Disclaimer: The information in this article is general in nature and is meant to be used for informational purposes only. Due to the uniqueness of each individual’s situation, this article should not be relied upon as an expression of legal advice.)

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