By: Steven Rich
Civil Lawsuits: Could they be A method of Life?
Lawsuits are becoming a worldwide menace. Everyone should be afraid of lawsuits. You might think, "I'll never be sued". How wrong you're! It's all too easy being sued now days.
Why? Direct & Indirect Liability We all know that people could be sued for direct involvement by having an accident or by negligence. You can also be indirectly involved with a case. Joint & Several Liability is really a legal concept used globally to drag innocent bystanders into lawsuits. Here's how. Theft, Fraud, or Injuries brought on by your partner, Business Partners, or Employees will make you liable.You may be sued and become "jointly and severally" responsible for a personal injury to someone with out been personally negligent. Everything is essential is that you were connected in some manner. If you are dragged into a lawsuit and the other defendants are without assets or insurance, you might become held responsible for the entire amount of the judgment!
WHAT ABOUT INSURANCE? Many lawyers recommend you purchase a minimum of $1 Million insurance for each of the businesses, homes, land, cars, motorcycles, and boats you own. This can cost you $ thousands in premiums each year for the way large a deductible (which you'll pay to the plaintiff) you are willing to afford. Is that enough?
$ MILLIONS CAN BE AT STAKEHere are a few recent civil court judgments from the United States:$84.5 million for children drowned and brain damaged inside a swimming pool.$7 million to a laborer who lost a limb at work on the construction job.$5.87 million for sponsoring a party where a guest later caused a vehicle accident
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Online Outlet Store.7 million for spilling some hot coffee on the legs while driving. As well as the court award, you have to pay $ Thousands for your defense attorney! You will also endure lots of wasted time defending yourself as well as your reputation. Let's not really enter into the physical & psychological Stress. Not only to the united states: Citizens of Canada, Europe, Russia, Central & South America, and even communist China are being accused of similar injuries.
HOW CAN YOU PROTECT YOURSELF? The best solution is to strip you of assets and be what is known as "judgment proof" amongst the personal injury trial lawyers all over the world. Most lawyers charge their clients no direct fee for filing an accident lawsuit. This is known as a "contingent" fee. This means that the lawyer will collect no fee unless he wins the lawsuit and can collect a legal court awarded judgment amount. Before a lawsuit is filed, a careful lawyer will investigate the defendant's capability to pay a court judgment. When the defendant is "judgment proof", (he has no insurance, no ownership of assets that may be seized to pay off a court judgment) the lawyer will not wish to sue that defendant. Like the lawyer will spend all his time and money pursuing a case without any hope of ever being paid. So, how can you be Judgment Proof?
OFFSHORE CORPORATIONS & PRIVATE INTEREST FOUNDATIONS
Domestic Corporations: Having a corporation set up in your own country may give a little protection. However, a domestic corporation could be sued too. In addition, your shares inside a corporation are assets in which a judgment creditor can seize. So-called "Limited Liability" corporations, companies, and partnerships don't really offer you bulletproof limited liability.
OFFSHORE CORPORATIONS: A better solution would be to generate a corporation outside of your country (offshore). An Offshore Corporation can own property and vehicles inside your country. For better protection, setup different Offshore Corporations so each one of these owns just one of your major assets. For instance, one corporation owns your cars, another owns one piece of real estate, and another owns different real estate. As the saying goes: "Don't invest of your eggs in one basket."
PANAMA Provides the ULTIMATE INASSET PROTECTION
WHAT IS ASSET PROTECTION?Asset Protection entails protecting your accumulated wealth from unnecessary taxation, frivolous lawsuits, burdensome governmental intrusion, and greedy relatives or in-laws.
WHY PANAMA? Years back, former British colonies like the Bahamas and the Caymans offered anonymous corporations & secret accounts. Not any more. Even Swiss accounts aren't secret. Panama is among the few remaining countries allowing you total anonymity with setting up businesses and opening secret accounts.Panama's Bank Secrecy Laws are the most useful in the world. Your funds remain private, confidential, and safe inside Panamanian banks.Panama's Corporation Laws are the strongest around the world. Corporate shares are never registered with any government agency in Panama. Panama is one of the last countries allowing total anonymous "Bearer" shares protecting the identity of shareholders.
THE COMPLETE OFFSHORE STRUCTURE You find out about Panama Offshore Corporations. Their main purposes will be to Protect your Assets and provide Privacy regarding your financial affairs. Let's explore the best in Asset Protection and Privacy. The Complete Offshore Structure is really a mixture of Panamanian legal entities
[url=http://ugg-boots-store-sale.blogspot.com/]ugg boots store[/url]. A Private Interest Foundation owns the shares of Offshore Corporations. This is the utmost in Asset Protection, Privacy, Anonymity, and Convenience!This is how It really works: Panamanian Corporations own all major assets (property, commercial businesses, commercial bank accounts, vehicles, etc.). The building blocks acts as a holding company for that Corporations. The building blocks also holds passive investment accounts and accounts.
What is really a Foundation
[url=http://burberry-bags-2012.blogspot.com/]burberry bags[/url]? The Panamanian Private Interest Foundation is a legal entity that acts like a Trust and operates just like a Corporation. Law No. 25 of June 12, 1995 created and regulates Panama Private Interest Foundations.The Panama Private Interest Foundation based on Private Interest Foundation models from three different jurisdictions: Liechtenstein, Switzerland, and Luxembourg. Panama carefully designed the Panama Private Interest Foundation like a more modern, flexible, and affordable Asset Protection & Estate Planning vehicle for individuals worldwide.Banking: Panama has always used the U.S. Dollar as its official currency. Panama is really a famous international banking center. Panama doesn't share its banking information with every other country. It is a crime for just about any bank employee to disclose banking information to any third party in Panama. Tax Haven: Offshore corporations and foundations don't pay Panamanian income taxes on income earned beyond Panama. Therefore, you should use your Panama entities to earn money in other countries tax-free.
ASSET PROTECTION is necessary in today's lawsuit crazy world. As the steps we have summarized for you personally above may seem difficult and complex, they really are not. Like using pros who understand how to set up Offshore Corporations and Private Interest Foundations can make this simple for you.
Lawsuit Protection can now be a way of life.
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