From Library Journal
Frasier, an attorney specializing in asset protection, points out that wealthy individuals may be vulnerable to losing much of their wealth as a result of legal action, accident, or catastrophic illness. Beyond his general advice to keep a low profile by not spending conspicuously, he recommends the use of trusts, partnerships, and limited liability corporations to keep litigants and creditors at bay. He presents complex material in tabular form so that the relative merits and drawbacks of each technique are clear. This book is no substitute for in-depth treatment, but it provides an excellent starting point for anyone troubled by the threat of litigation. Currently pending legislation may necessitate some revision of the information about family-limited partnerships, but the book is a welcome primer on a complex subject.?Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1997 Reed Business Information, Inc.
Copyright 1997 Reed Business Information, Inc.
From Booklist
Frasier is a California attorney who specializes in asset protection and whose clients include movie stars and real estate developers. He argues here that insurance and incorporation can no longer provide any of us with adequate protection against creditors and lawsuits. He details a four-pronged plan to preserve wealth, limit liability, and reduce taxes. Two of the four recommendations are straightforward: acquire and maintain adequate insurance coverage and avoid any ostentation that might suggest wealth. The other two strategies involve such legal maneuvers as family limited partnerships, homestead protection, limited liability companies, foreign and domestic trusts, and offshore financial accounts. Frasier's guide is filled with flowcharts and questionnaires that help determine the appropriateness of specific options. Especially valuable are the tables that contrast the advantages and disadvantages of various tactics. Frasier makes it clear that legal assistance will most likely be needed to implement his suggestions, and he provides a firm grounding from which to proceed. David Rouse
