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I've researched extensively Nevada Corporations, Nevada & Delaware LLC's, FLP's, & Irrevocable Trusts for asset protection and here's what I've determined based on my readings: as a shield from frivolous lawsuits they are useless if one is trying to protect their personal assets w/o running a business out of them. More clearly, say I'm not interested in running a business; i just want to put my assets in a vehicle that will protect me from Joe Blow filing a lawsuit against me because he happens to need something to do that day. Having my assets in any of these (except irrevocable trusts) is pointless because as long as I have even the slightest control, (whether as limited or general partner) over the assets contained therein, I am vulnerable to the courts seizing the assets to pay a judgment if Joe Blow wins. The one exception is an irrevocable trust, but there I have to divest myself of all ownership of the assets. I cannot be trustee and I cannot be a beneficiary, so what's the point. Offshore trusts? Too risky and even they are not foolproof anymore. Has anyone discovered otherwise and would care to share?
Let's see. You have a homeowners and/or liability insurance policy that will cover the costs of defending you from lawsuits. You pay your bills and act like a respectable member of society. Why are you worried?
"Frivolous" lawsuits are non-existent! The whole "lawsuit" bogeyman was started by the Republican party in the '80s as a way to "defund" the Democrats, who do receive a big chunk of money from "plaintiff's attorneys". Of course the R party never mentioned that they are totally in the grip of the INSURANCE companies and bankers. Hint; if you EVER end up in court it will likely be as a PLAINTIFF trying to get your INSURANCE company to pay up as required in their contract.
To repeat what annerk said; go on with your life, don't be a jerk, don't drive drunk of crazily and CARRY INSURANCE.
An umbrella policy is a great idea if you have teens or young adult children on your auto insurance. Even if they are safe drivers, the lack of experience can lead to an accident which in this sue happy world could wipe you out in an instant.
We put an extra million in an umbrella policy when our child began to drive. It cost about $300 a year--cheap peace of mind.
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