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Estate Planning
: North Carolina Estate Planning BlogNeed a Real Life Example of Why to do Asset Protection Planning?
By Gregory Herman-Giddens
Rich Rodriguez, the football coach for the University of Michigan, has been sued for $3.9 million due to a loan default. Rodriguez and partners formed an limited liability company, The Legends of Blackburg LLC, to develop a condo community in Virginia. Apparently, as is customary, he had to give a personal guarantee, and now he's on the hook for a cool $4,000,000.00.
Rodriguez was previously sued by his former employer, West Virginia University, for $4 million over a buyout clause dispute. That case was settled last year.
Let's hope he learned his lesson and did some asset protection planning before the condo loan defaulted!
Full post as published by North Carolina Estate Planning Blog on September 11, 2009 (boomark / email).
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