To: Clidec who wrote (731 ) 12/14/1998 12:14:00 PM From: MoneyMade Read Replies (1) | Respond to of 15987
OFF TOPIC: Americans Stockpiling Money Offshore At Increasing Rate Lawyer Offers Advice ADDISON, Texas--(BUSINESS WIRE)--Dec. 14, 1998--Executives and professionals are stockpiling cash offshore faster than ever before to protect themselves from the tidal wave of lawsuits in the U.S., according to asset protection lawyer Jim Bennett, who says foreign asset protection plans now safeguard over $1 trillion. ''With our unpredictable judges and Robin Hood juries, no one knows what the next verdict might bring,'' says Bennett, who reports employment discrimination claims are skyrocketing. ''This year, three out of five companies will be sued by former employees.'' Plaintiffs and lawyers are prospering. Since 1991 one Oakland, Calif. law firm has won over $600 million in damages and fees in discrimination cases. He says laws favoring plaintiffs are not likely to change. ''The Association of Trial Lawyers of America ranks third in political contributions at $3.5 million.'' Physicians are also at risk. ''From 1995 to 1997, the average medical malpractice verdict jumped over 100 percent, now topping $2.3 million. Roughly 40 percent of verdicts exceed the doctor's malpractice insurance coverage.'' Bennett's family business was sued by an ex-employee for wrongful firing due to age discrimination. ''Our lawyers told us to settle big or the jury could empty our bank accounts, so we did. Afterwards, our family put our remaining assets offshore.'' He offers this advice to anyone considering an offshore asset protection plan. Don't wait until you get sued to protect your assets. Choose an offshore country that does not enforce foreign judgments. -- Choose an independent country that is politically stable and not vulnerable to U.S. pressure. -- Carry liability insurance, but in lesser amounts. If insurance covers some of your damages, it will also pay your legal fees. -- Transfer money into your asset protection plan as soon as you set it up. Don't try to conceal knowledge of your plan. Comply with all IRS reporting requirements. Legal fees for offshore asset protection plans range from $15,000 to $50,000. ''Most plans are in the $20,000 to $25,000 range.'' Bennett offers an educational briefing entitled ''12 Costly Mistakes to Avoid When Setting up Your Offshore Asset Protection Plan.'' To receive a free copy by mail, call his office at 972/241-9200 or e-mail jim@jim-bennett.com. Note to Editors: Bennett's B & W glossy photo available. For Further Information Contact: Jim Bennett, Attorney at Law 3887 Lakeview Court, Addison, TX 75001 972/241-9200 jim@jim-bennett.com Contact: Jim Bennett, Attorney at Law, 972/241-9200 jim@jim-bennett.com