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If you’re concerned about the possibility of a lawsuit, you may be worried about losing your property. There are ways to protect your estate if you know what to do. A Living Trust: A living trust is one way you can prevent creditors or others from taking your estate in a lawsuit. However, the stipulation is that it must be an irrevocable trust, which means you relinquish all ownership of the home or other property to the trust. Fraudulent Transfer: Beware that creditors can claim your property if they can prove you conducted a fraudulent transfer, or a transfer with the sole goal of preventing creditors from gaining access to your property. This claim often has merit if you wait to make the transfer until you are having financial problems or if you are insolvent. Establish a Business Entity: If you are concerned about creditors for your business seizing your personal property, you can set up a limited liability company which separates your business assets from your personal assets. In this situation, only assets owned by the company would be at risk. The time to consider how to protect yourself is before you get in a situation where a lawsuit is a real possibility. It’s a good idea to meet with an estate planning attorney or a business lawyer to find out how you need to set up your assets or business for the best protection for you, your family and your home. Call today for a free consultation.