When unexpected tragedies occur, it can be a sad reminder to everyone that life is fleeting. The recent disaster at the Reno Air Show brought to mind that disasters such as these, that cause death and serious injury to others, do happen.
In the case of this most recent aircraft disaster, there are 10 dead and dozens seriously and even permanently injured. “Despite the large number of dead and injured, witnesses and people familiar with the race say the toll could have been much worse had the plane gone down in the larger crowd area of the stands. The plane crashed in a section of box seats that was located in front of the grandstand area where most people sat.”
A tragedy such as this also brings to mind the reality of liability. Who is liable for the loss of life, medical care, and the loss of a family’s means of support? There will inevitably be lawsuits following such an accident. Wrongful death and personal injury lawsuits will be filed in civil court, naming everyone from the aircraft’s owner to the city of Reno.
Many of my clients own and enjoy small aircraft, boats, and rare or expensive automobiles, and engage in what some would consider risky activities such as flying or racing. With the ownership and enjoyment of activities such as these come certain risks and liabilities.
There are many individualized strategies that we can design together to protect your unique personal assets and limit liability in the case of unintended occurrences such as the Reno Air Show disaster. Just one option to consider is the use of out of state or offshore entities, such as an out of state LLC to limit liability in the case accidents. Boats, collector’s items, antiques and expensive automobiles held in such a manner can limit personal liability and protect other assets. Of course, this is just one option of many, and this sort of planning must be done in advance, before any unintended tragedies occur.
Every situation will of course require it’s own unique asset protection plan. I understand how important it is to protect your family and business assets for generations to come. Contact our offices and put our years of expertise to work for you today.