Will you be prepared for the NEXT Hurricane Sandy?
See the article below and also at the following link:
Hellenic News of America
AccuWeather is forecasting major snowstorms from North Carolina to New
York City in January and February; severe storms across the South, with
the possibility of tornadoes and flash flooding; and a growing drought
in the Northwest that carries the potential for more wildfires.”
People should take steps now, before a crisis, to make sure they’re
protected, he says.
“If your tree falls on your neighbor’s house in a storm, will
you be prepared for a lawsuit?” he asks. “Is your important
paperwork in a safe place where you’ll be able to access it if your
home floods, like so many people in New York and New Jersey?”
He offers these tips for safeguarding your assets now:
• Protect your assets from lawsuits. One way to do this is by protectively
titling non-exempt assets. Exempt assets vary by state and may include
such things as your primary residence and personal furniture; make sure
to check your specific state exemptions – those items generally
should not need any extra protection. However, non-exempt assets, such
as bank accounts, recreational vehicles and the like, should be titled
in the names of corporations, limited partnerships, domestic trusts and
• Have adequate insurance. In fact, over-insure your assets! Those
include -- but are not limited to -- your car, home, and other valuables.
You never know what you could lose in a natural disaster.
• Diversify your assets geographically. This is extremely important
in the case of natural disasters. Use international asset protection to
help disperse your valuables into some non-U.S.-based jurisdictions.
• Safeguard your paperwork. Collect and copy all paperwork and have
it accessible in the event you must evacuate. Give the second copy to
a trusted financial advisor, attorney or trustee for safekeeping. Take
a video of every room and keep an itemized asset list with your paperwork.
That way, you’ll have the documentation to present to your insurance
company when filing a claim. Photos and videos, as well as receipts and
documents showing the value of those assets will help.
• Safeguard your business. Create a plan of action to implement in
the event of a natural disaster, and practice implementing it. Hurricane
Sandy illustrated the problems business owners faced in trying to resume
operations during widespread power outages and equipment destroyed by
floodwaters. Do you have a generator? Can you utilize cloud computing?
Keep a record of all payrolls and business documents remotely so that
if you don’t have access to your business dwelling, you can still
access copies of all important business documentation.
• Make sure your estate plan is up to date. Everyone should have
an updated Estate Plan, including minor children. Choose one trustworthy
person to be the executor of your estate. This person should have a hard
copy of your financial account information and list of your assets, including
intellectual property and passwords that you can access in the event of
a natural disaster.
About Hillel L. Presser, Esq., MBA
Hillel L. Presser’s firm, The Presser Law Firm, P.A., represents
individuals and businesses in establishing comprehensive asset protection
plans. He is a graduate of Syracuse University’s School of Management
and Nova Southeastern University’s law school, and serves on Nova’s
President’s Advisory Council. He also serves on the boards of several
non-profit organizations for his professional athlete clients. He is a
former adjunct faculty member for law at Lynn University. Complimentary
copies of “Financial Self-Defense” are available through
YES, YOU CAN LOSE EVERYTHING!
You may think that your wealth is safe and that you don't need protection.
But don't delude yourself and accept reality — for every 60
minutes you spend making money, spend 60 seconds thinking about how to