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What High Net-Worth Individuals Are Doing To Protect Their Legacy in a Litigious Market

Introducing Skabelund, PLLC; The Launch of This Client-Driven Law Firm Provides Resources for Those Looking to Insure Their Wealth with Asset Protection

SCOTTSDALE, AZ / ACCESSWIRE / January 30, 2023 / The more wealth you acquire, the more you stand to lose. According to a recent report by investment bank Credit Suisse, the number of global "ultra-high net worth" (UHNW) individuals has ballooned in the last year, jumping from 46,000 in 2021 to more than 218,000. Those with assets of more than $50 million grew significantly during the pandemic recovery period. According to that same report, this is not a new trend. In 2020, 8.8% of the U.S. population were millionaires, and 2.5 million other individuals became millionaires in the last year. If this trend continues, financial experts estimate that number of millionaires in the U.S. will increase another 13% between now and 2026.

Skabelund, PLLC, Monday, January 30, 2023, Press release picture

However, with such wealth comes incredible risk and responsibility. Many real estate investors, business owners, executives, and high-net-worth professionals who rely on their assets to grow their wealth face numerous challenges in the current climate. This is especially true for high-net-worth individuals in professions that run the risk of being sued just by doing their jobs. No business owner, advisor, or other professional wants to look at every client, customer, or patient as a lawsuit waiting to happen.

So, what can be done to secure essential assets? What are professionals doing to minimize the risk of financial loss so they can do their jobs with ease? Financial experts point to asset protection planning as the essential safeguard.

Asset protection planning provides a layer of protection to insulate wealth from the reach of creditors and lawsuits, as well as provides a pre-litigation plan of action to minimize risk. Experts say that the most potent asset protection plans are never even contested. Litigation is avoided, or everything is settled before there are any judgments.

Skabelund, PLLC, Monday, January 30, 2023, Press release picture

"Protecting what clients have worked their entire lives to build is our main mission, " says attorney W. John Skabelund, who recently launched his own asset protection law firm, Skabelund, PLLC. "One accident can mean the difference between blessing generations or living in poverty."

Skabelund explains that every client's goals and family circumstances are unique. As such, their asset protection plan must be tailored to fit their individual portfolios, risk management goals, and intentions for the future. This is why legal experts say that asset protection planning should not be approached with a one-size-fits-all mentality and the client-attorney relationship is critical when constructing a plan. What is needed to protect a million-dollar estate must be different than a $10 million, $50 million, or $100 million client. It is important that a client's asset protection plan grows with the size and diversity of the client's assets. It is also important that the different types of assets need specific protection. For example, real estate should be protected differently than a brokerage account.

Skabelund, PLLC, Monday, January 30, 2023, Press release picture

"Our clients work with attorneys rather than ‘asset specialists' like most asset protection planning firms," says Skabelund. "Our clients interact directly with our attorneys not only during the design and strategy meeting but throughout the implementation of the plan."

In addition to providing protection against litigation, an asset protection plan assures that the wealth of future generations will also be protected. Financial experts recommend that individuals with a high net worth should consider not just protecting their current lifestyle but also the loved ones they will leave behind. A structured plan will protect a lifetime of hard-earned assets, and quite often, a family's wealth will span generations.

Skabelund, PLLC, Monday, January 30, 2023, Press release picture

"Asset protection is not just protecting a client's wealth but preserving their legacy," says Skabelund. "With the launch of Skabelund, PLLC, our mission is to help clients create, grow, and protect their legacy."

It is well known that every responsible adult needs an estate plan. However, millionaires may not recognize that in addition to their estate plan, they need an asset protection plan. Wealth brings added responsibility and risks. However, like estate planning, an asset protection plan must be in place before it is needed. As Benjamin Franklin famously warned, "By failing to plan, you are preparing to fail." Procrastination can be catastrophic.

To leave a legacy for future generations, asset protection is a necessary part of financial planning, and Skabelund, PLLC is ready to help you get started.

Skabelund, PLLC, Monday, January 30, 2023, Press release picture

ABOUT SKABELUND, PLLC

Skabelund, PLLC is a client-focused law firm that helps clients protect their wealth from lawsuits. The firm is led by a team of experienced attorneys, including a nationally recognized attorney who has been named attorney of the year in Scottsdale, Arizona for Trusts and Estate Litigation by Best Lawyers and in the top 1% of attorneys in 2022 by America's Most Honored Lawyers. Skabelund, PLLC leverages the team leader's unique perspective, gained from his prior experience as a business owner and earned accounting degree and MBA, to provide clients with a personalized approach to asset protection. The firm's down-to-earth approach and use of technology make complicated legal matters simple to understand for clients, earning it the title of "Client Champion" by Martindale-Hubble, the leading attorney peer review company. Overall, Skabelund, PLLC is committed to providing innovative and personalized asset protection planning to help clients secure their legacy for future generations.

CONTACT:

W. John Skabelund
Skabelund, PLLC
Website: Skabelund.com
Email: john@skabelund.com
Phone: 480-327-6635
17015 N. Scottsdale Rd., Suite 235
Scottsdale, AZ 85255

SOURCE: Skabelund, PLLC



View source version on accesswire.com:
https://www.accesswire.com/735874/What-High-Net-Worth-Individuals-Are-Doing-To-Protect-Their-Legacy-in-a-Litigious-Market

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