Return-Path: Received: from lsmls01.we.mediaone.net ([24.130.1.20]) by ns1.olsusa.com (Post.Office MTA v3.5.3 release 223 ID# 0-64832U3500L350S0V35) with ESMTP id com for ; Mon, 27 Nov 2000 09:50:05 -0500 Received: from mediaone.net (we-24-30-109-97.we.mediaone.net [24.30.109.97]) by lsmls01.we.mediaone.net (8.8.7/8.8.7) with ESMTP id GAA12679 for ; Mon, 27 Nov 2000 06:57:51 -0800 (PST) From: freemen@mediaone.net Message-ID: <3A227628.B2C759F9@mediaone.net> Date: Mon, 27 Nov 2000 06:56:40 -0800 To: lancair.list@olsusa.com Subject: Re: liability References: <3A20A89A.49D8480A@home.com> <000f01c057e2$93d662a0$a0ca0041@saltlk1.ut.home.com> X-Mailing-List: lancair.list@olsusa.com Reply-To: lancair.list@olsusa.com Mime-Version: 1.0
I am NOT an attorney and do not advise on how to use the following information. I have studied this "liability" situation for many years. There is only one way to become "judgement proof" (that is what we are talking about here) is to not have (own) anything of much value. How a person accomplishes this is through the use of trusts and family partnerships ( this is how the very wealthy do it). In a nut shell a Trust is a superior device for accomplishing a variety of financial and estate planning objectives by;

     (a) Avoiding probate and maintaining privacy concerning assets and the disposition of the estate;
     (b) Minimizing or eliminating estate taxes through the use of a bypass trust;
     (c) Avoiding will contests and litigation;
     (d) Achieving the highest level of confidentiality and privacy concerning financial and business affairs;
     (e) Creating a flexible vehicle for investment and asset management ; and
     (f) Protecting assets from claims and liabilities.

There are many sites on the internet regarding trusts. My only advice is to avoid trusts which are "living trusts" or "revocable trusts" and trusts that make you the trustee. Through my own personal research, I have found these type of trusts probably will not protect you in any litigation.
Brent S.