|Not too long ago in the quaint neighborhood of Noe Valley in San Francisco, an incident occurred that changed forever the life of an investment property owner.
The owner’s long time tenant sued the owner over a mold situation.
Feeling the mold claim was bogus and a money grab, the owner fought the claim.
The courts got involved and the tenant was awarded damages and attorney fees. The final bill?
$2 million dollars. The insurance company successfully fought to get out of having to cover the claim.
The liability was the responsibility of the landlord. With no asset protection in place to contain the exposure, the attack against ALL of the landlord’s assets commenced.
As your asset protection advocate, we always stress the importance of at least understanding what asset protection is all about and how it applies to you.
I sat down with my colleague Brad Barth who is an attorney and top asset protection expert. Brad is in high demand for his talks to groups such as the San Francisco Apartment Association, American Association of Apartment Owners, East Bay Rental Housing Association and many more.
Click the image below to listen to my discussion with Brad where he breaks down what asset protection is and how maintenance of your legal entities plays a significant role.