If you’re an avid reader of the Wall Street Journal, then undoubtedly you read two recent articles promoting the benefits of services offered at Lodmell & Lodmell.
In the Tuesday, October 14, 2003 Wall Street Journal issue, the article, “Litigation Boom Spurs Efforts to Shield Assets” was published. The article by Rachel Emma Silverman discussed the benefits of the offshore Asset Protection Trust. As the one legal way to shield assets from creditors in case of litigation, Silverman reported that more doctors and executives are turning to Asset Protection Trusts.
Silverman also pointed to a recent survey conducted by Price & Associates of individuals with at least $1 million in assets. More than 35 percent had some form of asset protection already in place and more than 61 percent of those without an Asset Protection Trust were interested in creating one.
The article also discussed the costs associated with Asset Protection Trusts. According to the Wall Street Journal, most offshore asset protection trusts can cost anywhere from $20,000 to $50,000 to set up, plus annual administrative fees from $2,000 to $5,000. As one of the leaders in asset protection, we have got asset protection down to a science, and our costs are on the lower end of that spectrum
Later the same week, another article appeared in the Wall Street Journal entitled “Employee’s Right to Sue Dwindling in New Era” by Kathy Chu. In this article, Ms. Chu reported that employers and corporations are quickly adopting workplace arbitration agreements requiring employees to seek arbitration when a grievance arises instead of filing a lawsuit. This arbitration clause is similar to the arbitration agreement included in Lodmell & Lodmell’s Workplace Protection Package.
“It’s a movement that has gained ground over the past decade” reported Chu and added that the number of employees covered by workplace arbitration plans administered by the American Arbitration Association has more than doubled from 3 million to 7 million.
The article also reported that some corporations such as Circuit City Stores Inc., Daimler Chryler and the CIGNA Corp. have adopted the arbitration policies not only for employees, but for all vendor contracts.
For more information on L&L’s Asset Protection Trust or Workplace Protection Package products, please call (800) 231-7112
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