Americans Stockpiling Money Offshore for Lawsuit Protection -- Lawyer Explains How It's Done.Business Editors & Legal Writers DALLAS--(BUSINESS WIRE)--Jan. 31, 2001 Executives and professionals are stockpiling stock·pile n. A supply stored for future use, usually carefully accrued and maintained. tr.v. stock·piled, stock·pil·ing, stock·piles To accumulate and maintain a supply of for future use. cash and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. offshore faster than ever before. Why? To protect themselves from the tidal wave tidal wave, term properly applied to the crest of a tide as it moves around the earth. The wavelike upstream rush of water caused by the incoming tide in some locations is known as a tidal bore. of lawsuits in the U.S., says offshore asset protection lawyer James Bennett
James Bennett or Jim Bennett may refer to:
Bennett says that offshore asset protection systems now safeguard over $1 trillion. "Two careers attract litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. like a magnet: medicine and entrepreneurship", says Bennett, "but everyone's at risk for lawsuits from problems like automobile accidents and divorce." Bennett says that these facts tell the story: -- There were almost 94 million new lawsuits filed in U.S. courts in 1998. More than 15 million were civil cases. -- The number of cases is increasing much faster than the adult population -- in some cases, 3 to 5 times faster. -- 2 out of 5 medical malpractice verdicts exceed $1 million. -- Plaintiffs who sue because they became paraplegic or quadriplegic win $1+ million verdicts 95% of the time. -- Plaintiffs who sue because they suffered severe brain damage win $1+ million verdicts 92% of the time. -- The number of employment lawsuits filed each year in the federal courts nearly tripled between 1990 and 1998. -- Almost 1 in 4 plaintiff-won federal employment cases in 1998 resulted in a $1 million or more award. More than 1 in 10 resulted in a $10 million or more award. -- Auto accidents resulting in paraplegia generate huge verdicts. Up to $10,000,000 can be expected in a truck-related accident. "U.S.-based asset protection methods don't work as well as offshore methods," says Bennett. "Living trusts provide no protection. Spendthrift trusts provide less every year. You can't count on corporations or family limited partnerships. Insurance often proves too expensive. Offshore trusts are often the only way to get bulletproof Refers to extremely stable hardware and/or software that cannot be brought down no matter what unusual conditions arise. See industrial strength. bulletproof - Used of an algorithm or implementation considered extremely robust; lossage-resistant; capable of correctly protection." Bennett offers a free electronic book -- "Offshore Asset Protection for Busy Professionals" -- at his law firm's web site. The web address is: http://www.offshoreprotection.com/learn/ebook.htm. Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Mr. Bennett has photos available on request. |
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