Lawsuit Lottery: A Nevada Trust Can Cut the Risk
Lawsuit Lottery: A Nevada Trust Can Cut the Risk
Hi, this is attorney Gary Fales. Today I want to share with you my thoughts on the lawsuit lottery.
Each one of us is subject to being sued at any time, for any reason, by anyone. We don't know when we're going to get sued.
If we have naked assets that we do not protect, then I can only assume that we're playing the lawsuit lottery. This means that we're crossing our fingers and hoping we don't get sued. Because if we get sued, and we lose, and there isn't anything to protect our assets, then those assets can be seized from us.
In particular, I've had many folks call me who want to walk away from their homes. They have asked me whether or not I think they're going to get sued if they walk away. And I tell them, "Absolutely!"
I've seen the lawsuits. I've seen the first mortgagee suing; I've seen the second suing. I've seen mortgages being sold to collection agencies or law firms, and there's no doubt in my mind that, if you walk away from your home, you run the very real risk of getting sued.
I then explain to these people the benefits of the Nevada Asset Protection Trust. I go into detail about the fact that it's an easy transfer to the Trust, and that they can still keep their control, and they can still change their beneficiaries or remove the trustees in the Trust, if they need to. I share with them the relatively low cost at establishing one of these Trusts. I go into detail about the annual fees (there really are no details because there are no annual fees.) And even after hearing those benefits and details, they are still hesitant to create a Trust, even though they might be sitting on one or two hundred thousand dollars. They still are wondering about the real risk of getting sued, and wondering if the risk is great enough to establish a Trust.
I think they're crazy, because if they don't get sued this time, they could get sued in the future at another date. The legal jurisprudence here in America is such that we're always open to lawsuits. We have a very litigious society. It just doesn't seem worth it to me, to run the risk of not having those naked assets protected, if there's such a simple and elegant solution as the Nevada Asset Protection Trust.
It boggles my mind sometimes, but then I simply sit back and realize that maybe I'm not communicating something to them. Maybe I'm the person who is in the way, causing them to want to take the risk of gambling with their assets and their future. I hope not; I really hope that they will come around to asset protection some day in the future.
I go to work just like you, every day, and I work hard for my money. I have a family, I save, and I'm trying to be responsible. I wouldn't want anything to take away my savings, which represent my hard earned money and my hope for a better future for my children.
Unfortunately, if I don't do something to protect my savings, there's nothing (other than maybe the homestead and maybe some of my retirement plan) that is going to protect what I've worked hard for.
So my message is, we must take action and be proactive, and take advantage of the legal remedies that are available to us.
This is Gary Fales, until next time.
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