I was in LA teaching real estate and standing over the urinal when a balding guy in his ’60s stepped up beside me and started a conversation. Yes ladies, it happens all the time in the men’s room.
But, this was not a pleasant chat. As he began talking, I noticed a tear running down his right cheek and his first words were...
Where the Hell Were You When I Needed You the Most?
Obviously, that took me aback and got my attention as I said, “What do you mean?” Then, his story began and continued for the next 15 minutes (in the hallway).
You see, about 2 ½ years prior, his 19-year-old son was driving his parents’ car while on a date and alcohol was involved. He was coming from a party where he and his friends were drinking for hours and had three of them in the car with him headed to a local club.
They didn't make it.
A deer came out of nowhere and ran in front of the car. As the boy swerved to miss it, the car ran off the road across a 20-foot ditch and hit a big tree head on.
All the boys were hurt, but only three survived. The boy in the front passenger seat sustained head injuries that took his life.
Obviously, the parents sued, and two years later won a $2.3-million-dollar judgement.
The fact the boys had been drinking and the driver was legally drunk didn’t help the case any. The insurance covered legal fees and one million. Of course, that left $1.3 million to collect from the driver and owners of the car.
You guessed it...
The parents both owned the car jointly, and therefore, became liable for the judgement along with the son.
That was the Beginning of a Series of Events that will Change this Family Forever!
And, it could have been so easily avoided.
They were rapidly losing everything they owned and the marriage was on the edge and likely ending from the stress.
They couldn’t file bankruptcy to eliminate the judgement for some legal reason I didn’t finish discussing, so after 40 years of working it was all gone or going fast, and the judgement will hang over them for years.
You see, I had just finished a session on teaching corporate stuff and asset protection, and as I always do, I warned the class... “Never own anything in your own name that has a motor, and owning anything jointly with your spouse is like putting a target on your chest.”
Since the car was owned jointly, the judgement was joint and therefore attached to everything they owned, and in his case, a garnishment in his wages.
Thus, the tear on his face at the urinal.
I wish this was the only story like this I’ve heard in my 32 years of teaching, but it isn’t.
One strategic, simple move could have saved the family from their nightmare, at least from an asset perspective. No legal protection will save this dead child or the son’s lifelong anguish.
For years, I’ve been sending our students to seminars taught by attorneys to get educated on asset protection, entity structuring, estate planning and tax reduction.
Unfortunately, most come back more confused than ever and still don’t know what to do next.
After years of thinking about it, I’ve decided to build an event to cover all these things, and I promise it’ll be presented in English so you can understand it.
Yes, there will be attorneys there, but I’ll translate for you, and I’ll make sure all your questions are answered.
Before I tell you about it, just answer these questions:
If any are yes, you must be with me at this event. If it’s a no, you can quit reading because it will be of no interest to you.
Here are some of the topics I will cover with the help of my attorneys…
I know if you’re under 50, this estate planning stuff won’t interest you yet, but it won’t hurt you to hear it. Your time is coming, my friend.
This will be the most intense land trust class you’ve ever attended. No one will have a new question I won’t answer.
And, a ton more...
How to Use Your IRA Safely to get Rich Quickly and Never Pay Tax on Profits… Legally.
And, that's a good start!
The dates and location are on the registration page.
You may bring a guest at no charge: parent, child, spouse or real business partner, and you can add a second guest for $250.
You’ll get some very highly paid professionals sharing info you’ll never collect in one place again.
You have one shot at it, and if you need to cancel, you'll have 30 days to do so with no penalty.
To Your Quantum Leap,
P.S. In case you think you don’t need this class because you’re not active in real estate, think again. It applies to everyone that doesn’t live in a cave whether you own a business or not or ever intend to. Remember, my story of the couple who lost it all. It had nothing to do with their business.
P.P.S. And, if you register by the red date, I’ll even throw in my Protecting Your Empire course as a Bonus! It’s a $297 retail value. Remember, this class is not being recorded and will not be repeated, so make sure you get in now before we cap out at 100! If you already have this course, call in and I’ll let you credit what you paid.