Risk Exposure Audit™

Few things in life can cause more worry than the thought of losing all of one’s assets to a creditor. With this in mind, we have established the Risk Exposure Audit™ for business owners, owners of rental real estate, physicians, and any other persons who are concerned about their potential liability for claims from creditors.

The Audit includes the following:

I. Determine Possible Sources of Liability
        A. Professional Malpractice – errors and omissions coverage
        B. General Torts (auto accident, boats, personal liability)
        C. Contract Claims
        D. Creditor Exposure
        E. Officer and Director Liability
        F. Environmental Liability
        G. Divorce
        H. Forced Heirship (i.e., Right of Election)
        I. Political Threats
        J. Economic Risks
        K. Existing Lawsuits
        L. Partnerships
        M. Co-signors or co-guarantors on notes
        N. Joint tortfeasors
 
II. Insurance Adequacy Analysis
         A. Homeowners
         B. Auto
         C. Umbrella
         D. Business Risks
         E. Directors and Officers
         F. Disability
         G. Life
 
III. Maximization of Exemption Allowances
         A. Participation in Retirement Plans
         B. Determine Extent of Joint Ownership/Community Property
 
IV. Review Estate Plan and Nature of Asset Holdings with View Towards Creditor Protection
         A. Is a Large Inheritance Expected?
         B. Do Wills and Trusts Provide for Outright Distributions to Beneficiaries?
         C. Business Activities
                      1. What Form of Entity is Utilized?
                      2. Is Client a General Partner?
                      3. Has Client Provided Guarantees?
                      4. Consider Reorganizing Holdings and Segregating Assets with Liability Potential
 
VI. Consider/Discuss Techniques to Protect Wealth

The fee for the Assessment varies based on the nature and extent of one’s assets, but generally ranges from $875 to $1,750.  Call us at 493-6351 to schedule your Assessment and obtain a list of documents required.