Do you have adequate protection of your assets in the case of a liability claim?

• Ownership of Assets
  • Sole
  • Joint Tenants with Right of Survivorship - Upon death of first owner, property automatically passes to surviving joint tenant.
  • Tenants by the Entirety - Must be between husband and wife only
  • Tenancy in Common - Undivided interest in asset that does not need to be equal shares.
  • A. No survivorship interest
  • B. Transfer may be made without consent of other owner
  • C. Transfer done by will
• Umbrella insurance policy
• Errors and Omissions for work-related liability
• Use of family limited partnership (“FLP”) with corporate general partner
• Use of limited liability companies (“LLC”)