The outbreak of the COVID-19 coronavirus is just beginning, but already it looks like it will substantially damper the Florida economy. Businesses are closing to the public, people are staying home, service and tourist industry employees are being laid off or are having their hours reduced without pay.
And health experts warn that the worst is still yet to come.
Many small businesses are not going to be able to weather the coranavirus storm, and people living paycheck to paycheck are suddenly not going to be able to pay their credit card, make their car payments, or keep current on their mortgages.
Once the pandemic ends, the extent of the economic fallout will become clearer. But some economists suggest we could be in for a global recession.
The last time our country faced a recession—during the financial crisis of 2008—our office experienced a dramatic increase in the number of people reaching out for asset protection advice and planning.
I have found that when times are bad, the number of lawsuits increases. People default on payments and companies in turn sue the individual and small business debtors for non-payment.
The unfortunate effect is that even after the coronavirus epidemic subsides, an economic emergency may be just around the corner. People may then be at risk of losing their hard-earned savings and income.
Proper asset protection planning may allow Florida residents to protect their assets even if they end up being sued once the economic downturn begins.
I hope that the coronavirus epidemic will not be as bad as many predict, both for people’s health and their livelihoods. But even if it is, I’m confident I will be able to help people protect their money from any creditors taking advantage of hard times.