Author View (J. J. Childers)

Many people mistakenly believe that they don't need an asset protection plan because they're insured. Nothing could be further from the truth. While insurance does have a place in your asset-protecting system, it must not be your only line of defense. Insurance proceeds are only paid in accordance with the terms of the policy. Sure, insurance companies are in the business of accepting the risks of others, but it's on their terms. Think about how casinos make their money: Casinos know that some people are going to win at the tables, for example, but because far more people lose than win, at the more...

One of the biggest misconceptions I hear about asset protection law - even from other lawyers - is that everyone should have his or her personal residence owned by a business entity such as a corporation or LLC. This is a huge mistake. I realize that this may sound counter-intuitive, but your home should always be owned by you and your spouse and held in a revocable living trust. (I discuss revocable living trusts in detail in my new book Trump University Asset Protection 101. You can also learn about them from your attorney and accountant.) So why wouldn’t you want to have more...

Is your company protecting its most valuable asset - its intellectual property? Does your enterprise have intellectual property? You might not think so, but it probably does. Intellectual property is made up of copyrights (books, software or music), patents (inventions) and trademarks (symbols or logos). Why does intellectual property deserve special protection? Let me tell you a story that illustrates the point. Suppose someone walks into a small one-room office of a company that has no apparent assets: no vehicles, minimal office equipment, small inventory and so forth. Let’s also say that individual slips and falls when heading out the door. Chances are that more...

Vital information from the new book Trump University Wealth Building 101: Your First 90 Days on the Path to Prosperity You spend years building a company and then one day a visitor falls in your parking lot, breaks her hip and sues you. Is it a problem you can settle out of court, a problem that your insurance policy will cover - or a problem that will cost you your business? The answer to that question is really up to you. Protecting your assets depends upon the strength of the “asset security system” you design and install. Recognize this, and take these five more...