Breaking COVID19 News
If you wondered about your
need for privacy and asset protection before the Pandemic , it will be critical for you and real estate investors like you postPandemic .
The effects of the epidemic will be felt for years , not only financially but legally . If you have put off creating an asset protection plan , now would be a great time to start .
We have long known , as real estate investors , we are more inclined to be sued than most other occupations . Why ? Because the average American assumes that ALL real estate investors are RICH ! Therefore , we are good targets for frivolous lawsuits .
People with cash in the bank and no hard assets are not good targets for lawsuits because , unlike real estate , cash can disappear quickly . . . and buildings cannot . Furthermore , unlike deeds and liens , bank account balances are not available through public records .
Until you have been pursued by a contingency fee lawyer ( and his or her deadbeat client ), you might not feel the need to protect your assets . But , if you are going to stay in this game longterm , it is just a matter of time before the wolves will be at your door .
The paradox of our careers is the more successful we become , the more of a “ target ” we are for the nefarious characters in our society . These characters do not want to work hard ( like us ) to become wealthy . They prefer the “ easy route ” via our dubious legal system .
I spoke 33 times last year to real estate investment groups around the
nation . I stressed the need to get titles to real estate out of personal names and into Land Trusts for privacy , asset protection , and estate planning purposes .
In almost every gathering , someone asked the question , “ Why do I need to protect my assets , won ’ t insurance take care of any claims ?” My standard response was , “ I believe in insurance and think you should buy all you can stand , but DO NOT RELY ON IT EXCLUSIVELY !
Insurance should be only oneleg of your asset protection stool . Why ? Let me give you a recent example !
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