Jean was a loving mom, and of course that became her downfall. She was 72 years old when her son decided to become a real estate developer. He had perfected the art of sitting on the sofa and watching house flipping shows, and was ready for the big leagues. One problem – he had no assets and no experience. Fortunately, mommy had a net worth of $7 million and personally guaranteed his bank loan for $5 million.
Nate lasted three years as a real estate developer and then, with all his projects upside down, walked away. With no assets to his name, he had little to worry about.
Jean’s net worth in that time period had declined to about $5 million, which was no less than the loan guarantee, plus interest and penalties. She consulted with a number of law firms across the country, and was politely shown the door each time.
I surmise that she was shown the door either because the lawyers believed that nothing could be done that late in the game, or that the lawyers would face significant risk for assisting a client in that situation. Who would want to take on one of the world’s largest banks with close to $6 million at stake?
We would. We love protecting the little guy and overcoming poor odds. We also love to win. We got the bank to walk away from Jean. If you are curious to know how we did that, ping me privately and I will tell you.
A result like this can never be guaranteed ahead of time. But we can guarantee that if Jean did not try to protect her assets, this result would be impossible. As a matter of fact, if she did not try to protect her assets, there would be a 100% chance that she would lose everything! In the immortal words of Wayne Gretzky (a great Canadian sage), “You miss one hundred percent of the shots you never take.”
To learn more about how we can help you protect your assets, contact Maximum Asset Protection today at (818) 933-3838.