Your Car Insurance is the Suprising Foundation of Pennsylvania Asset Protection

If you are interested in how to protect your assets not only from taxation and will disputes but also from lawsuits and creditors, take a moment to review  your automobile and homeowners policies. Simply reviewing your insurance policy is one of the most inexpensive and cost effective strategies to build a fool proof asset protection plan. In fact your homeowners and automobie policies should be the foundation on which all other asset and creditors protection is built.

If you would like more information and resources read the full article by clicking here.

Asset Protection - Why Knowing Your Auto Insurance Policy Is The Front Line of Defense Part One

Many clients are interested in complicated and often expensive asset protection strategies.  And, there are many good reasons for this.  All effetive asset protection planning is about multiple levels of protection.  The more complicated the protective strategies, the harder it is for someone to get through and the more dauting the task for a person or lawyer thinking about suing you. 

In general complicated does work.  And, the plans that utilize trusts, Limited Liability Companies or corporations, insurance, off shore and domestic asset protection trusts, are highly effective, especially when these strategies are combined and coordinated. We are experienced at helping people to build a customized plan that works for them and has just the right level of cost and complexity. But complicated and expensive is not for everyone.

So, if you are looking for a simply easy, and inexpensive way to start ptotecting yourself, your loved ones and your assets, then look no further than your automobile insurance policy. 

What?   My isurance policy?  Yes.   The automobile policy is a really important part of your overall estate and asset protection planning.  First, you have to check your liability coverage.  Is it sufficient?  Think about adding an umbrella liability policy that covers your car and your hose.  It supplements your auto coverage.  If a claim is made against you and it exceeds your $300,000.00 auto  liability limit oyu're on the hook and your personal assets can be reached.  Add coverage and add a liability umbrella.  The you're covered for up to $1 million dollars of coverage or more.

Now some people ask "doesn't that make me a target for litigation?"  No.  it makes you well insured.  And, liability umbrella coverage is very inexpensive.  I have a question for you.  Who gets a better lawyer assigend to them by the insurance company?  Some one with $300,000.00 or some one whose coverage puts over a million dollars of the insurance company's money at risk.

Now there are many more coverage issues to consider including uninsured and underinsured coversges.  These are some of the most important coverages and asset protection devices available.  Many Pennsylvania drivers have ultra low limits or no insurance.  If you're in an accident with one of these drivers you may never recover.  You pay quite a bit in premiums to protect other drivers.  Make sure that some of those premium dollars now protect you.

Then, there is the issue of full tort vs. limited tort.  These topics are the subjest of upcomming blogs.  Be sure to follow the blog for more updates and information that you can use.  Hve a question?  Leave a comment below or email me at dfrees@utbf.com

Also, watch for my soon to be published book on these insurance issues where we reveal the secrets that many Pennylvania insurance companies and agents don't tell you about protecting yourself, your assets and your loved ones. I wrote this book with my brother Robb Frees a licensed Pensylvania insurance agent for over 20 years so you get the inside information that you need.

For even faster updates of the msot imprtant legal topics follow me at www.twitter.com/davidfreesesq

David M. Frees III Esquire
Visit My Biography and the firm Web Site for More Information
To Schedule an appointment call Donna, Tara or Denise at 610-933-8069 and mention David Frees' web site to receive bonus estate planning materials at the time of your consultation.

Mistake Number Nine: Failure To Meet The Income, Inheritance, and Estate Tax Deadlines

 The ninth mistake is failing to  promptley file Pennsylvania inheritance tax and federal estate tax return and the Pennsylvania and federal income tax returns for the deceased and for the estate. It is important to file these in a certian amount of time and to have them prepared by a professional. A professional knows the things to avoid and the documentation that is needed. Giving all the information that is needed may save you from getting audited and could even create tax savings.
So, it’s important to know the documentation thats needed and when things are due.

For more information on this topic click here.

David M. Frees III Esq.

610-933-8069

For up to the minute news about estate, asset, and wealth protection planning
and for weekly tips to make your planning work follow David Frees on Twitter
David on Twitter.