Asset Protection Needed Because of Crazy Lawsuits
Every now and then I'm reminded of why asset protection planning is so important. One recurring reason for anyone with assets to protect - especially small business owners and professionals - is crazy lawsuits.
Today, I received an email from the U.S. Chamber Institute for Legal Reform. The email asks for my vote on the June 2010 Most Ridiculous Lawsuit Poll. A run down the list of nominees is all the reminder anyone needs to understand why asset protection planning has become a necessity for those who have accumulated assets. Here's the list of nominees:
Today, I received an email from the U.S. Chamber Institute for Legal Reform. The email asks for my vote on the June 2010 Most Ridiculous Lawsuit Poll. A run down the list of nominees is all the reminder anyone needs to understand why asset protection planning has become a necessity for those who have accumulated assets. Here's the list of nominees:
- Woman sues wireless carrier for $600,000 after phone bill exposes her affair causing her husband to walk out on her, ruining her life (Read The Story Here)
- Teacher with rabbit phobia sues student for drawing rabbit on the blackboard to see if the teacher would "really freak out." (This story here)
- School safety officer sues city when fired for refusing to wear ID badge, which she claimed was "demonic" and a "mark of the beast", winning $7.7 million! (See this story)
- Man sues dating service for $100,000 for failing to provide him with the gal of his dreams and providing dates who weren't "suitable." (This story is here)
- Fearing jokes, Zoe Renault, a 23 year old student, sues Car company for naming electric car the Renault Zoe. (Read here)
In addition to the Ridiculous Lawsuit Poll, there were several other riduculous lawsuits listed at the Institute for Legal Reform website. Here are some of them (for the complete list go here ):
- Wal-Mart was held liable by a Browad County Circuit Court jury in a lawsuit filed by an optometrist in the store's vision center, when the optometrist's assistant tried to kill him by pouring rat poison into his soda.
- A customer sued the restaurant, the police officer who went to calm the situation, the town of Lake Geneva, Wisconsin, and the chief of police, because the restaurant burned his steak.
- A West Virginia convenience store worker was awarded $2,699,000 in punitive damages after she injured her back opening a pickle jar. She also received $130,066 in compensation and $170,000 for emotional distress.
- In another Florida Circuit Court, a tenant of an apartment complex sued her landlord after losing her car to a carjacking, claiming the security at the complex was lax. The jury awarded her $15.7 Million, even though the written lease agreement she signed specifically provided that the property did not provide security.
No wonder asset protection is on everyone's mind.




Very interesting article Randy, there is another asset that is not mentioned above that is also very important to protect which are digital assets.
In the case of Justin Ellsworth, who was killed in action in Iraq, and his parents wanted access to his email account. They had to fight with Yahoo! in order to finally gain access. If you'd like more info, check out this blog post about the Ellsworth case. http://bit.ly/cpe3SI
Brian
entrustet.com
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