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Asset Protection Plans

By Gerry W. Beyer

Asset-Protection_2_2According to Jay Adkinsson (attorney, Newport Beach, CA) the asset protection planning strategy that works about 99% of the time is to do nothing at all when it comes to asset protection.

According to Adkinsson, less than 19 out of 20 people (95%) will get sued for something that insurance will not cover or that is in excess of what insurance will cover. Additionally, the remaining 5% of cases will likely settle before a judgment is ever made. Of this 5%, Adkinsson claims, at least four out of five of the cases will settle (4%).

However, Adknisoson maintains that though the 99% do not require asset protection planning, it is important to plan for those in the 1%. For cases in this 1%, it is important that the estate planner analyzes and understands case law to ensure that the asset protections plan survives any challenges.

See Jay Adkinsson, Hot New Do-Nothing Strategy Draws Attention In Asset Protection Planning As Being 99% Effective, Forbes Oct. 30, 2011.<P>

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.

Posted in:
Estate Planning - Generally