Many clients are interested in complicated and often expensive asset protection strategies.  And, there are many good reasons for this.  All effective 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 insurance 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 house.  It supplements your auto coverage.  If a claim is made against you and it exceeds your $300,000.00 auto liability limit you'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 assigned 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 coverages.  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 [email protected]

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 most important legal topics follow me at www.twitter.com/davidfreesesq

David M. Frees III Esquire
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