Asset Investment Trust Blog

In Broward County, FL, Linda Baines filed a suit against Ronald Baines claiming, among other things, that Mr. Baines had misdirected her regarding financial investment advice and Miss Baines lost more than $100,000 in the stock market.

These individuals were not married and it was determined that the advice provided by Mr. Baines constituted that of a financial advisor.  This determination was based on financial advise that lasted almost two years, during which time Mr. Baines was treated to lunches and dinners where he would provide said financial advise.  Miss Baines claimed the meetings, dinners and lunches were expensive and part of a “payment” received for the advise.

Since Florida has homestead exemptions that protect a person’s personal residence, Mr Baines said he “wasn’t concerned” about the $58,000 judgement, in an article he published online.

However, Florida Law doesn’t protect the assets held by an individual and the judgement was satisfied through the seizure of antique furniture and stocks owned by Ronald Baines.

A simple trust, could have put these assets outside the reach of a judgement and protected Mr. Baines’ interest in them.

You can learn more about trusts here and on our websites; www.AssetInvestmentTrust.com