Asset Protection Attorney Douglass Lodmell explains how to use the LLC and when you need more than one and why.

Asset Protection Attorney Douglass Lodmell explains how traditional insurance works, and who the insurance companies really work for.

Asset protection attorney Douglass Lodmell explains the options for reducing your risk of lawsuits and litigation.

Asset Protection Attorney Douglass Lodmell explains which of your assets are already protected and how by looking at the whole spectrum of Asset Protection.

Contributed by Rosie Cisneros

Did you know that dogs bite nearly 2 percent of the U.S. population each year? That’s more than 4.7 million people, one out of every six of which are injured seriously enough to require medical attention.

According to State Farm insurance, dog attack victims in the U.S. receive over $1 billion in monetary compensation every year. The company also states that one out of every three homeowners insurance claims involves a dog bite.

Lawsuits tend to go hand-in-hand with dog bites. While many carriers cover dog bites, many claims are turned down because the policies discriminate against specific dog breeds. Unfortunately, if your dog is one of those breeds, you’ll end up being liable for any medical bills as well as pain and suffering damages.

Don’t let a nip from your pup take a nip out of you!

Contributed by Rosie Cisneros

In Pennsylvania, a business firm paid out over $500,000 after one of their employees was responsible for an automobile accident. The employee was driving and talking on his company-provided cellular phone when the accident happened. Even though the accident happened at 9:30 PM on a Saturday night, the Pennsylvania jury found the driver and business guilty. If you expect staffers to use phones for business, write a policy requiring them to pull over while they talk.

Contributed by Rosie Cisneros

People in the U.S. can now obtain a free copy of their credit report once a year by visiting www.annualcreditreport.com. And while it’s recommended that you take advantage of this offer by Congress, don’t try to access the above website through any pop-up ads or email messages as they are likely to be identity theft scams.

Instead, only access the site by typing in the web address above.

Reports aren’t available for all U.S. residents yet. Reports for residents in the Western states were available in December 2004, residents in the Midwest it was March 1, 2005 and East coast residents can get theirs on September 1, 2005

Contributed by Rosie Cisneros

When standing in a checkout line at retail stores, restaurants and grocery stores, be on the look out for people standing around you with a digital camera cellular phone. CBS News recently reported this new identity theft trend is one of the fastest ways for technology thieves to steal your information. Equipped with just a cellphone camera, a simple click of the button is all it takes to capture your name, credit card number and expiration date!

Contributed by Rosie Cisneros

Identity theft is the fastest growing crime in America and one of the easiest ways to endanger your personal wealth. Last year alone, an estimated 9.9 million Americans were victim of identity theft.

It’s robbery like no other and it doesn’t use guns or ski masks. All it takes is your Social Security number or the blank, pre-approved credit application tossed out in the garbage.

How do they do it?

The “ID burglar” may use a variety of tactics to obtain your personal information and drain finances. Some of the tactics used include:

. Stealing your wallet that includes your Social Security Card and credit cards

. Posing as a loan officer and ordering your credit report

. “Shoulder surfing” at the ATM and stealing your PIN code

. “Dumpster Diving” in trash bins behind businesses and apartments for un-shredded credit applications

. Using canceled checks, bank records or any documents containing personal information

. Stealing the mail right out of your own mailbox

Email Theft is Growing in Popularity

One new tactic is growing in use daily. We’ve probably all received an email like this, supposedly from Ebay, PayPal (online money system) or a credit card company saying that there is suspicion “that your account may have been accessed by an unauthorized third party” and it urges you to use the link provided to restore your linked access to your account. This, of course, is a complete fabrication and using the link will result in a forged credit card company form appearing in your browser.

While you may see http://www.citibank.com as the link, it is usually not the website that you will be visiting. After completing this form, you have now provided all of the information that thieves need to steal your identity. Because of the frequency that this scam is growing, you should note that all major credit card companies and PayPal have announced that they will never contact an individual by email to verify account information. If you get one of these emails, delete immediately.

Who does it?

The culprits may be employees of mailrooms, airlines, hotels or even your own office. Basically, anyone who has access to financial information can target you for identity theft. In fact, statistics show that these crooks often seek out jobs that will give them access to financial information or they may bribe employees in such positions to supply them with the data they need.

What are the signs?

Many times, it may actually end up taking months before you realize you’re a victim of identity theft - in fact, the national average is 12 months.

But, there are things you can look out for that may indicate that someone’s stolen your identity. Some of the suggested things to look out for include:

. You get a phone call or letter telling you that you have been approved or denied credit for accounts that you never requested

. You no longer receive your credit card statements, or you notice that some of your mail seems to be missing

. Your credit card statement includes charges for things you know you never bought.

. A collection agency tells you they are collecting for an account you never opened.

How to Avoid Identity Theft

While there is no perfect way to avoid having your identity stolen, there are some simple, logical tips to keep your financial information safe. They include:

. Guard Your Social Security Number and take it out of your wallet or billfold!

. Monitor your credit report annually

. Shred all old bank and credit statements and “junk mail” credit card offers before trashing them.

. Remove your name from the marketing lists of the three credit reporting bureaus to reduce the number of pre-approved credit offers you receive. Credit reporting bureaus listed below:

www.transunion.com

www.experian.com

www.equifax.com

. Do no carry extra credit cards or other important identity documents except when needed.

. Do not mail bill payments and checks from home. To avoid being stolen, always drop them in a post office box.

. Do not print your social security number on your checks

. Order your Social Security Earnings & Benefits statement once a year to check for fraud.

. Examine charges on your credit card statements before paying them.

. Cancel unused credit cards.

Already a Victim?

Think you are already a victim? Follow these steps. If you think there is any improper or illegal activity taking place, please follow these steps:

1. Check Your Credit Report

Get a copy of your credit report from the three credit reporting agencies and see if there are any new accounts or credit inquiries showing up.

2. Place a Fraud Alert

If there are questionable items, contact the fraud department for each agency and report that you think your identity has been stolen. Ask that a “fraud alert” be placed on your file and that no new credit be granted without your approval. California residents can also apply to “freeze” their credit. The agencies will also walk you through the other necessary steps.

3. File a Police Report

4. File a complaint with the Federal Trade Commission (FTC) at 1-877-ID-THEFT

5. Contact the U.S. Post Office if you think that a theif may have submitted a change-of-address form to redirect your mail.

Credit Reporting Agencies

The three credit reporting agencies are TransUnion, Experian and Equifax and each company offers individuals the opportunity to review their credit statement. Each agency’s website provides additional information and products available.

TransUnion
www.transunion.com

Experian
www.experian.com

Eqifax
www.equifax.com

Contributed by Rosie Cisneros

ew homeowners are aware of the legal implications involved in something as simple as paying a neighbor’s kid to clean out the gutters or letting children shovel a driveway for a couple bucks. And when it comes to independent contractors that work on hazardous tasks such as roofing, tree removal and electricity, the danger grows exponentially.

Most homeowners presume that their homeowners insurance policies provide more-than-adequate protection in the event they are sued for negligence or injury. Unfortunately, many are wrong — and the price of their ignorance could be as high as losing their home.

Consider Thurman Lawson, who was smacked with a lawsuit when a tree-service worker was injured on his property. Mr. Lawson contracted Eliseo Lascano, owner of Anthony’s Tree Service of West Covina, California, to trim a 50-foot palm tree in Mr. Lawson’s yard. Before work began, Mr. Lawson was even prudent enough to ask to see the contractor’s worker’s compensation insurance policy.

Unfortunately, that wasn’t enough to protect him. The business owner had shown Lawson an expired copy of his insurance policy and the homeowner never followed up to make sure he had a current one. The worker ended up suing Mr. Lawson after the homeowner insurer said the accident wasn’t covered by his homeowners policy. The California appellate court agreed and said that Mr. Lawson was financially liable.

Homeowners are often targeted with personal injury claims. A survey in 2000 found that the biggest increase in all jury awards occurred in personal-injury cases where the median amount jumped 26 percent from the previous year.
It’s stories like these that remind us not to rely solely on insurance policies and to be proactive in protection of our personal wealth.

Contributed by Rosie Cisneros

You may need to rebuild your financial life someday. Natural disasters such as tornados and earthquakes can cause widespread destruction and put entire cities and businesses out of commission in the blink of an eye. Even more commonplace disasters, such as house fires, can be devastating if you don’t have copies of your important documents and data in one safe place.

Just imagine trying to file an insurance claim or your taxes, if your computer, your home and all of your documents have been obliterated.

Disaster preparation expert, Michael Emmerman, advises creating a “red file” that can be sealed in an envelope and mailed to a relative, friend or professional fiduciary. In that file, you’d include copies of everything you or your heirs would need to rebuild your financial life.

Emmerman says that in the past, it was recommended to keep your “red file” at work. That was before a World Trade Center tower fell nearly on top of him while he was helping coordinate the emergency response at its base. The incredible devastation of that day — and the troubles faced by people and the businesses that didn’t have adequate and remote record backups — convinced Emmerman that we need to do more.

Emmerman now recommends you put your red file into a larger envelope, and overnight the package to the person you’ve entrusted with its safe-keeping. Instruct the recipient to leave the inner envelope sealed and to send it back, on request, if a disaster should wipe out your originals. Just remember to pick someone whom you trust and who lives away from your area. Otherwise, the same disaster could wipe out those copies as well.

While no one wants to contemplate a disaster, taking time to create a “red file” will make the process of reconstructing your financial life easier, in case disaster actually strikes.

Creating a “red file”
Include copies of all documents and data you or your heirs would need to rebuild your financial life, such as:

* Birth, death and marriage certificates
* Identification (driver’s license, passport)

* House deeds, mortgage, home equity notes

* Car title, lease or loan information

* Insurance policies and agent contact info

* Credit and debit cards (front and back)

* A household inventory

* Tax returns for the past three years

* The location of wills and trusts, as well as contact info for executors, trustees and guardians

* A list of your financial advisers

* A list of user IDs and passwords for online financial accounts