Why Asset Protection is so Important

4:25 pm Uncategorized

Unforeseeable accidents happen all the time.  From car accidents to slips and falls, the very nature of these events keeps them random and unpredictable. It is this unpredictability that makes having an Asset Protection plan so important.

Take for example the case of NY Yankees pitcher Cory Lidle.  In 2006 he crashed his plane into a high-rise apartment building in Downtown Manhattan. Both Lidle and his flight instructor were killed in the crash and their 2 million dollars in insurance did not come close to covering the 60 million dollars in property damage and personal injury claims.

Surprisingly, it was recently announced that most of these claimants have settled with Lidle’s estate for the 2 million dollars in insurance coverage since the NY Yankee’s pitcher evidently had no assets worth pursuing. 

Because it is very unlikely that the NY Yankee’s pitcher had no assets of any kind at the time of his death, one must logically assume that whatever assets he did have were well protected from potential creditors. This is a perfect example of why having an asset protection plan is so important.       

One should hope for the best, but prepare for the worst.  A good Asset Protection plan will ensure that in the unlikely event that something goes terribly wrong, you and your families assets will be protected, allowing you the peace of mind we all deserve.

Contact us today for individualized planning strategies to meet your unique needs.

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