When you draw up your strategy, your wealth security lawyer will usually ask for specifics of your financial circumstances. Your attorney would usually ask you to identify or record your detailed assets and liabilities. This is a sensible approach since the asset protection law allows lawyers to make a fair assessment of the client’s solvency and the reasons for determining the planning choices that are legally permitted and most suitable for the client.
Family situations, business strategies, tax issues, cash flow requirements, estate planning and financial commitments are all key components of sound asset security planning. In short, drawing up a strategic plan means sharing some of the most private personal and financial details. The asset security plan that is tailored for you depends primarily on the type and amount of assets you possess, as well as the current and future liabilities or risks you face.
Defense of details in litigation
Since asset security preparation is also meant to secure assets in the event of potential litigation, it is important to know what details and facts may be used against you in the prosecution. In litigation, like most adversarial contests, the benefit is that it protects information most efficiently. While the rules of discovery promote the free exchange of knowledge between the parties, in the real world this is not typically the way the game is played and it is uncommon for both sides to have fair access to all the relevant evidence. This is especially relevant in cases concerning what one person understood or felt after a suspected mistake had been committed. The reason why the defendant violated a contract or injured another-what the defendant believed-is always critical in deciding if he or she acted fairly or with a malicious intent. These psychiatric situations occur in both criminal and civil cases. A murder based on the presumption that one’s life is in jeopardy is a known legal defense against murder. This is the thought that counts.
Attorney’s duty of confidentiality
In cases of asset protection or some other litigation, each party tries to monitor and restrict the information it is needed to provide. Although witnesses and records can be submitted as evidence, correspondence between you and your lawyer and the work product created by your lawyer are privileged and cannot be revealed or disclosed without your permission. This is well known as the right of the attorney-client and is a fundamental principle of law. Some exceptions are made in situations where a client is preparing a criminal act or fraud, but most of the time, all communications are privileged.
Non-Attorneys’ Testimony
This exclusion extends to non-lawyers under limited cases only. Doctor-patient rights include a variety of topics, such as therapist-patient, spousal and clergy ties. Other non-professionals, such as financial managers and tax advisors, may be expected to provide documentation and records relating to your personal and financial information. Any contact between you and a non-lawyer shall be subject to subpoena and testimony. This is an infinite treasure chest of discovery for a legal adversary.
Since the outcome of the conflict most often depends on the information available to either side, it is obvious that restricting the supply to the legal extent practicable would maximize the chances of success of any defendant in the case. In asset security cases, taking full advantage of the attorney-client privilege maximizes leverage over the disclosure of facts and increases the likelihood of a favorable outcome.