Need a Real Life Example of Why to do Asset Protection Planning?
Categories
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!
