Asset protection considerations for the real estate owner.
Here's a true but startling fact: It's estimated that every day, some 50-60,000 lawsuits are filed in the United States! That number is both staggering and sobering. What even more staggering that many of these lawsuits are frivolous and have no merit? It's often been said that you don't have to be right or wrong, just in the path of the attorneys with some "meat on the bone".
The United States is one of the very few countries in the
world where lawyers are allowed to take cases on a contingency fee basis. As
a result, predatory litigation is a danger faced by every American who has
achieved even a modest level of success. Real estate
owners and developers are no exception.
To insulate your assets from these claims, you'll have to evaluate each strategy in terms of your own personal situation. You may decide that adequate liability insurance and a simple Declaration of Homestead may be sufficient protection of your assets because your exposure to a claim may be quite low. If your exposure is considerably higher, you may have to create a separate business entity or an offshore trust to shield your valuable assets. Remember, no asset protection strategy is guaranteed to work, and you may have to adjust your asset protection plans as your personal situation changes. Changes in the law will effect you future plans as well.
This site is intending to provide you with a tremendous opportunity to explore the number of options available to you to preserve what you've worked so hard to accumulate. We offer tremendous resources to help you decide which option may work best for your situation. While primarily devoted to real estate issues, the articles, tips and information discussed in our site relates to anyone attempting to protect their property from any number of frivolous lawsuits.
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1/25/12 Principal cuts don't help homeowners - Bloomberg
1/25/12 Alan Greenspan's ship of fools - Guardian
1/25/12 Foreclosure auctions show raw capitalism - New York Times
The Fed flying blind - Atlantic