In December, 2003, Newsweek Magazine ran a cover story on the lawsuit epidemic in the United States. The fear of lawsuits demonstrated in this article underlines the need for asset protection planning. The following is a quote from the introduction in this article.
“Americans will sue each other at the slightest provocation. These are the sorts of stories that fill schoolteachers and doctors and Little League coaches with dread that the slightest mistake–or offense to an angry or addled parent or patient–will drag them into litigation hell, months or years of mounting legal fees and acrimony and uncertainty, with the remote but scary risk of losing everything. And while lawsuits can be a force for good, they are also changing and complicating the lives of millions of American professionals in ways that confound common sense and cast a shadow over a system that can, at its best, offer people relief and redress from legitimate grievances ”
People concerned about asset protection should read this article; you are not alone.