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RE: Trusts & Personal Liability

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Living trusts only protect assets from probate they do not protect
assets from litigation. 

I use to sell living trusts so I know what I am talking about.
Irrevocable living trusts are 95% of the time a bad idea they cannot be
changed. And we offer them as an option to our clients.

O.J. Simpson sold his house to pay for legal fees. Now he does not own
property in his name.

A Homestead protects your house slightly from litigation, by making sure
that your litigators are only paid from equity, before any payments are
made to litigators. So if your house is worth 700K and you owe 500K to a
bank, then the first 500k cannot be touched therefore the creditors can
only get 200K and you keep your house. 

As always I am not trying to write a book on the subject but these are
the short answers.

Kevin Polin
http://WelcomeLending.com





-----Original Message-----
From: David Fisher [mailto:dfisher(--nospam--at)fpse.com] 
Sent: Thursday, June 16, 2005 5:35 AM
To: seaint(--nospam--at)seaint.org
Subject: RE: Trusts & Personal Liability

Dave:

Hey, a trust worked for OJ Simpson.

If it can protect him from a civil (double murder) verdict;
It should work well for you!



David L. Fisher SE PE
Senior Principal
Fisher+Partners

372 West Ontario
Chicago 60610

312.573.1701
312.573.1726 fax

312.622.0409 mobile

www.fpse.com

-----Original Message-----
From: Nuttall, Davin J. [mailto:dnuttall(--nospam--at)somervilleinc.com] 
Sent: Thursday, June 16, 2005 7:25 AM
To: seaint(--nospam--at)seaint.org
Subject: Trusts & Personal Liability


List,

Have any of you formed a trust so that you could put all of your assets
in
it to shelter yourself from personal liability due to a potential
structural
engineering lawsuit sometime in the future?  The trust would also serve
as
an estate planning instrument.

Does a trust truly in-fact personally protect you from any such
liability? 

To be personally liable for any project which I have sealed for the
duration
of my life (and my estate afterwards) does not sit well with me.

What have others done?   A former employer put all of his assets in a
trust
with his wife as the only trustee.  This sounds pretty iron-clad.
Hopefully
his marriage is iron-clad also. 

Thank You

Dave Nuttall, P.E.
Green Bay, WI

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