The $10 Million Street Race_ A Lesson in Asset Protection

Marnie and Lane came to us with a parent’s second-worst nightmare. Their 16-year-old son, Lane Jr., was involved in an illegal street race. Junior’s car collided with a competitor. Junior sustained minor injuries, while the other driver suffered significant injuries. The family of the other kid sued Marnie and Lane for negligent entrustment of a car to a minor child. We have seen over 30 lawsuits like this over the past ten years alone. The lawsuit sought over $10 million in damages. Marnie and Lane had managed to accumulate a nice net worth – it was almost $10 million. They were both in their mid-50s and realized that in the work years they have remaining they would never be able to reaccumulate such a nest egg.