Originally Posted By: jwatts1
This post was automatically imported from our archived forum.
I have to say its Great that you are with us at NACHI. You have provided all of us excellent advice…
Here's my question -
On the topic of personal asset protection, what is your recommendation for us business owners/inspectors that want to protect our OWN homes and assets from lawsuits, other than having an extensive amount of E and O Insurance, which I do have.. My main concern is to protect my equity.
I have done so much research on the internet from different law firms, some say Living Trusts offer some protection, some say they DON'T... Its amazing the amount of information out there, and the variation in opinions among attorneys.
Should we as inspectors have asset protection plans in place? Such as Family Limited Partnerships, Residential Trusts, .... and so on, or is this just really a lot of hype? And is having E and O insurance and General Liability coverage usually sufficient to protect oneself in this line of business. I do not have employees and rely on myself.
I appreciate your time, if you could touch on this topic...