10/17/2026
Does anyone other than you ever drive your car? Your spouse, your kids, a friend, an employee?
About 6 years ago, a client of mine, we’ll call him Dave, hired my firm to set up an offshore trust. He was in the hot tub and jacuzzi industry and had seen a few competitors get sued, so he got proactive.
Dave was a hardworking guy with a beautiful family, and like a lot of parents, he let both his teenage boys drive all of his cars. And like a lot of teenage drivers, his older son got into an accident.
Luckily, nobody was catastrophically hurt. But the injured party spent a few nights in the hospital, and we all know what a few nights in an American hospital costs.
They went after his son and his son’s insurance first. Then they figured out Dave had more money, and they started looking at Dave.
Dave called me in a bit of a panic. I told him the planning we’d put in place years earlier was solid, and that the only thing they’d realistically be able to recover was the son’s insurance. Once the other side learned about Dave’s planning, they decided litigation wasn’t worth the cost and settled for the policy.
Dave learned two lessons:
Asset protection planning done offshore, ahead of a threat, works.
If you’re going to let your kids drive your cars, don’t let them drive the Audi convertible. Give them the old one.