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These reports are published by the American Academy of Estate Planning Attorneys and cover a wide-variety of subjects relating to estate planning.
Protecting Your Assets with the Family Limited Partnership
Are you worried about being sued? Well, you should be. It is reported that there are 18 million lawsuits in the United States each year. However, that isn’t the whole story. Have you ever heard of the “deep pocket" syndrome? The deep pocket syndrome means that the person claiming to have been harmed files a suit against anyone even marginally connected with the incident. The list includes the shopper who spilled the milk on the supermarket floor; the employee who failed to clean it up quickly; the supermarket that hired the employee, the designer of the “defective” shelf that held the milk and the manufacturer of the “defective” milk carton are all sued. This kind of lawsuit is done to ensure that the person with the money, or “deep pockets,” is covered by the claim for damages.
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Armstrong, Fisch & Tutoli, Attorneys at Law
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