Accidents can happen to anyone at any time and in any place, no matter how careful and responsible you are. Traditional health insurance may cover a significant portion of accident-related medical bills, but sometimes this isn’t enough to compensate a family for lost wages and inadequate savings after unforeseen events. This is why it is a good idea to protect your assets with the help of a trusted local lawyer so that you aren’t caught off-guard by an accident that is out of your control.
To help you be prepared for whatever comes your way, here is some information about accident protection and examples of situations when accident protection would be useful to have to prevent asset loss.
How Fault is Determined in an Accident
Regardless of what type of accident you are involved in, fault is typically determined by identifying who was negligent or acted carelessly to cause the accident and the injuries or damages that resulted. Determining fault can be very difficult, however, because multiple people could be at fault or not enough evidence is available to definitively place blame on one individual.
For automobile insurance, New York is a “no fault” state, which means that drivers’ insurance cover their own injuries instead of paying out to the other involved party. This sometimes leads to faster payments for expenses, as well as lawsuit restrictions for pain and suffering.
How Accident Liability Is Used to Prove Fault
Liability is defined as being responsible for something, often for breaking a law and putting someone else at a disadvantage. To prove liability and fault in an accident, police reports, witness statements, and on-scene evidence can be used. Depending upon your job and personal responsibilities, you could be found liable for an accident that occurs on your own property, someone else’s property, or even in a public space. If a liability lawsuit is filed against you, it is in your best interests to have your most valuable assets secured away so that they cannot be taken by another person. This takes foresight, advance planning, and legal expertise.
When Can You Be Found Liable for an Accident?
There are many circumstances in life where you can be found liable for an accident, including many common situations that you might not expect. For example, you could be sued if you have guests in your home and one of them falls and is injured. You can also be sued due to a car accident if you are found liable. Another good reason to have asset protection in place is to protect yourself against lawsuits filed against you due to lack of insurance when liability insurance should provide coverage but only a limited amount of coverage is available.
Get Accident Protection in New York City
At Alatsas Law Firm, we are legal specialists in asset protection and can help you establish accident protection in case of an unforeseen event. Potential types of assets protection that we can assist you with utilize various legal strategies, including asset protection trusts, revocable and irrevocable trusts, special needs trusts, and living will and trusts. We can also advise and guide you with regard to guardianships, Medicaid planning, and elder law planning. These are all beneficial ways to protect both individuals and businesses from loss, taxation, and seizure after an accident.
To learn more about accident protection and to keep your assets safe, contact our Brooklyn office online or by phone at 718-233-2903. We look forward to serving you and helping you prepare for your financial future.