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17 Frequently Asked Questions

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Counsel

Casper P. Connolly

Paralegal Associate

William L. Comer

Advisory Co-Counsel

Mark Merric

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Question 1. My estate is very modest (under $150,000). What do I need to do in this sue-happy country to obtain maximum asset protection?

Question 2. I own several rental properties. What can I do to protect myself from lawsuits by tenants or their visitors.

Question 3If I establish one or more Limited Liability Companies ("LLC's") for the ownership of my assets, will I obtain substantial asset protection as claimed by certain promoters?

Question 4. As a licensed physician, I am very concerned about the rising costs of malpractice insurance as well as high litigation awards. How can I protect myself?

Question 5. What can I do about an heir with a large outstanding tax liability?

Question 6. I own a large contracting company which involves the use of several company vehicles. What can I do to limit my liability exposure?

Question 7. What is a "limited liability company"?

Question 8. How private are these structures (e.g., revocable living trust, limited liability company, limited partnership, etc.)? Are they somewhat public like corporations?

Question 9. Why do you tend to use Nevada, Wyoming or Oklahoma as the Resident Agent for limited liability companies and family limited partnerships?

Question 10. If I establish an LLC in another state such as Nevada or Wyoming with their Resident Agent, do I have to give up control of my business that I have worked so hard to build?

Question 11. What is meant by the term "asset protection trust"? How does a "trust" provide asset protection for myself and my family?

Question 12. Can I obtain maximum asset protection (i.e., become totally bullet-proof) by creating a domestic asset protection trust?

Question 13. In the alternative, can I obtain maximum asset protection (i.e., become totally bullet-proof) by creating an offshore asset protection trust?

Question 14. What are the major advantages of an offshore APT structure as compared to a domestic APT or just the use of an LLC?

Question 15. Will you keep me updated if there are any changes in the laws that might apply to my particular situation?

Question 16. How do you deal with clients who are out-of-state?

Question 17. Can you briefly describe what you mean by an "inadequate" estate plan?

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301 S. Rodgers Ave., Harrison, Michigan  48625
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