sunnysideup

Those of you who've been in the USA for a while will know that this is the land of the schyster lawyer and the hypocrite who will bend their moral compass to make a quick buck (then go to church and pretend they are upstanding citizens). Having seen someone become a victim of ridiculous lawsuit I need some advice. I live in FL and here homestead property is off limits to debt collectors, and Federal law shields retirement accounts such as 401k's. However, in preparation for retirement I am now saving a significant chunk of change in non-retirement accounts and I will be selling my house in a couple of years time. I realize this leaves me with a lot of unprotected cash in the event of a frivolous lawsuit so I'm thinking of moving it offshore. If I stash it in an account in the Channel islands, will it be safe from some grubby American lawyer's reach?

md95065

Probably not if that grubby American lawyer works for the IRS ...

nun

I don't know why you are scared of such things, but you might be in a situation where an LLC is appropriate or at least umbrella insurance.

scrubbedexpat099

Predatory was an unnecessary addition to your topic heading, it would have been assumed.

limeynus

I haven't done much research - but would a trust protect properties and monies? This is something I'm just beginning to look into for myself.

tuxedocat

I agree with purchasing umbrella insurance.

sunnysideup

someone I know just got sued. The suit first made a claim for all the third party liability he was carrying, then after the plaintiff discovered the net worth of the defendant, the suit claimed most of that net worth too. That's how it works -they figure out what you've got, then figure out a way to get it all. Even if you get the claim reduced or thrown out, you've spent a large sum defending yourself and your assets.
Yes - umbrella coverage seems to be the thing. I had heard of it before, but never really investigated it till today since most of my assets were protected one way or another. Thanks for the tip! Sadly, after 20 years in the US I am growing to dislike the place more each year. I shall definitely be moving elsewhere when I retire.

sunnysideup

I'm not talking tax evasion - just protecting my stuff from civil lawsuits. I guess you've never been sued or don't know anyone who has. Watch out - live here long enough and it will happen.....