Protecting Assets: My Friend Lost It All

[John Thedford]

A friend of mine just lost EVERYTHING. Yes, he messed up pretty bad. I knew the guy for a couple of years. Clean criminal record, a go getter, and pretty deep pockets. Then..he did something (not planned) that cost him everything. I just talked to him yesterday and he informed me he was sued for 1.5M...that on top of pleading guilty to a felony. He did stay out of prison but is now tagged for life. I didn't ask what his attorneys cost, but I have no doubt he probably spent well over 100K. So, he went from a nice house on the water, drove a nice Ferrari, and had other assets. That is ALL gone. Now, thinking about this, and the liability my other business comes with, is what can I do to protect my assets? Anyone with an excellent asset protection attorney in Florida please send a PM.