Below is a recent client anecdote from our asset protection practice, that you may find amusing and educational.
You know that with a title like that, the octogenarian loses. My client, Agnes, was a 97-year old woman, who has held a driver’s license for over 70 years and was involved in her first car accident. Agnes was driving her friend to a doctor’s appointment (or possibly the liquor store) and run into a tree. The tree won, and both ladies walked away with minor injuries.
The very next day the friend transitioned to being a plaintiff and sued Agnes for $200,000. Agnes had $50,000 of insurance coverage and her only asset was a $300,000 home. Not a typical asset protection client. The plaintiff’s lawyer was hoping to place a judgment lien on the house and foreclose.
Agnes and her deceased husband paid off the mortgage on this house over 40 years ago. The house had a tremendous sentimental value to Agnes and she wanted to live out the rest of her days in that home.
I do not know whether any judge would have authorized a foreclosure sale and kicked Agnes out of her home, but she wanted and needed peace of mind. We represented Agnes on a pro bono basis. The representation was straight-forward – an irrevocable trust for the benefit of the children and the transfer of the house to the trust.
The plaintiff’s lawyer settled within insurance limits. This great result is not obtainable at most law firms. Most lawyers turn away clients who are facing an existing claim or an existing law suit. Our aim is to help our clients, and we will do so aggressively, intelligently and ethically. And we are especially good at facing down the bullies of the plaintiffs’ bar.
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