Boat Insurance Fraud
For Whom The Bells Toll: Asset Protection can be for everyone
Copyright (c) 2010 Jeffrey Matsen
During recent decades the expansion theories of liability and the proliferation of lawsuits has given greater emphasis to the Asset Protection Plan, as it is now a well are recognized in practice. We live in a society where the victim-oriented aggressive plaintiff lawyers are always trying to find the "deep pocket." There is a greater media awareness of society and decision-recurring large 'and a high reputation for bad practice and other errors and omissions types of lawsuits. Obviously, there are individuals who are at greatest risk, such professionals as doctors, dentists, lawyers, CPAs, architects, engineers, Business owners, etc. and any individual dealing with investors also face tremendous liability exposure. A seller of a company has to worry about a buyer with buyer's remorse, you can sue for fraud, misrepresentation and lack of disclosure. Many entrepreneurs and investors have to sign personal guarantees in order to carry out their business activities and buy their property assets. Anyone who owns a Boat, aircraft or vehicle of extreme face tremendous potential liability. Individuals with high-risk companies as a refuge or recycling of waste are concerned with environmental claims.
All these types of individuals generate exposure terrible responsibility. But what about the owner of the company is not professional or not – the average individual who is not engaged in an activity related to the responsibility? Does the average person really need Asset Protection Planning?
Recently I met a retired couple who have a beautiful house here in Southern California, fully paid, and reasonable pension assets of the IRA and a little more $ 250,000 in cash and marketable securities. They had a Revocable Living Trust California, but do not really think there was any reason to worry about Asset Protection Planning. However, a few weeks before our meeting, the woman had been involved in a serious car accident, the result of a passengers of the other car was finally stopped. The couple was going through a process of several million dollars. The insurance cover was limited to $ 500,000. His entire economies and beautiful home are now at risk. Who would have thought?
A few weeks ago I met another couple who owns a small family business that is reasonably cost-effective and offers both good yield. The company is engaged in distribution of non-high risk, but my clients were still concerned about potential liability from several sources dealing with your business. They were also concerned, however, about personal responsibility in respect the normal daily activities such as owning and operating a car, using his power and speed of the boat other activities that involve themselves in your house vacation in a recreational lake. As discussed their exposure situation, told me that they had often talked about their potential risks and they were very excited I was able to resolve your concerns and design a plan that gives them a lot more protection than they could have had.
The point is, of course, that everyone needs to think about Asset Protection Planning. Most people need to review their liability insurance coverage and umbrella. Buildings should be transferred to limited liability companies. One must consider the transfer of personal residences for Domestic Asset Protection Trusts. The facts are that most individuals who own assets worth approaching a million dollars or more, need to carefully consider a structure Asset Protection. The structure need not be so complicated for smaller properties, but Asset Protection has to be addressed and reviewed by nearly everyone.
About the Author
Jeffrey R. Matsen of Wealth Strategies Counsel helps people structure their personal and business assets in the best way possible to protect, preserve and transfer them in the most efficient and tax saving manner. For more information go to
http://www.wealthstrategiescounsel.com
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