ET wrote:
Kevin wrote in news:K_f8c.81882$1p.1206019@attbi_s54:


Peter Clark wrote:

On Tue, 23 Mar 2004 16:19:03 -0500, Andrew Gideon
wrote:



Cub Driver wrote:



Furthermore, AOPA has not been
injured by this suit, so they will not be able to file a
countersuit (though they could certainly support the pilots
financially if they decide to do so).

According to AOPA Pilot, they have indeed made "a substantial
contribution" to defense costs.

Yet the pilots still had to sell their aircraft?


They don't have the benefit of their lawyers doing everything for
free.


This is the very reason all of my assets are owned by a Revocable
Living Trust . Bullet proof protection of assets .




Your Revocable Living Trust protects you from NOTHING but the probate
lawyers....


Anyone who told you different LIED to you. There are lots of potential
good reasons for having that kind of trust, but protection from lawsuits
is NOT one of them.

You are correct IF the revocable living trust is used as the only means
to protect assets. If the RLT is used in conjunction with a Family
Limited Partnership its a different matter.

Asset protection can be accomplished when property is held in a Family
limited partnership and those interests are owned by the trust.