Most of my posts discuss strategies specifically designed for investors to protect their assets when faced with a lawsuit. On occasion I am asked by a prospective client if any of my strategies have been tested by the courts. In other words, the skeptic in each of us would like to know if the entities truly work as described. The answer is not as clear cut as one might expect. When thinking of our legal system most people tend to look at it in terms of either winning or losing in court. In reality, a great asset protection structure should keep you out of court. Part of asset protection planning is creating a plan that discourages lawsuits. If you have attended one of my asset protection workshops you have heard me state that no one wins in a lawsuit except the attorneys. I do not consider the waste of valuable time coupled with an emotional roller coaster and excessive attorney fees a victory. A victory from my point of view is one where the other side receives little to nothing for their efforts and they elect to drop the case when faced the with fortress you have built around your assets. This is how a plan’s effectiveness is tested. I am pleased to state that such a test was thrown at one of my clients this year and the plan stood up to the challenge. The following is a link to an interview I held with Eddie R., from Atlanta, Georgia. Eddie is a real estate investor who was vigorously attacked by lenders seeking to levy on his assets. Eddie’s story is one of success and how planning, when properly implemented, can truly protect your assets.
P.S. – If after listening to the interview you would like to attend one of our upcoming asset protection workshops, our next event will be October 1 and 2nd in Chicago. You can sign up for the event here.
All the best in life and investing.
Clint Coons, asset protection attorney, Tacoma, WA