We are continually surprised by the number of successful and educated business people and their advisors that underestimate the exposure they and they clients face just from “walking around rich” or even with just the appearance of wealth. We warn people about these exposures and seek to place barriers between this kind of harm and the assets of those we protect on a daily basis.
Sometimes our advice and experience is well-heeded, sometimes it is not. Don’t take our word for it – here are the facts; see the original story store as published in ARIZONA ATTORNEY, the magazine of the State Bar of Arizona by clickinghere.
ARIZONA LAWSUIT AWARD SUMMARY
– Once again, each of the top 10 verdicts was more than $5 million. The lowest was for $6Million;
– 9 out of the top 10 were more than $10 million;
– There were 24 verdicts over $1 million;
-Other verdicts resulted from actions for breach of contract, condemnation, product liability and elder abuse.
WHAT DOES THIS TELL US?
– That liability insurance remains and important first line of defense, just the cost of defending one of these suits could be financially devastating;
– That the insurance coverage needed to be supported and further recovery limited by active Asset Protection planning;
– That in several cases it is unlikely that the assets of the corporation involved will be sufficient to pay the judgment, placing owners and officers in harm’s way;
– That all industries are vulnerable, this not “just” about any one group or profession;
– That a lifetime of work and the security and future of any of these defendant businesses and their owners and employees can be destroyed by a single law suit;
– That we are in a time, socially, politically and economically that requires each of us to take proactive responsibility for protecting our wealth, or the wealth of those that we serve as advisors.