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Pre Paid Legal Insurance: Low Cost Counsel For The Real Estate Investor

Todays Date: September 18, 2018

America is a litigious society and pre paid legal insurance is one of the best ways to give yourself at least some protection. You may only be partially protected, but something is better than nothing. Hint: take what you can get and run with it.

It is also an affordable way for a real estate investor to get some of the legal services that he needs to do business. Typically, there is some help in dealing with tax problems, basic legal consultation, and review of documents and legal contracts.

The Problem: Too Many Lawyers

As Dan Quail once noted, America harbors 70% of the world’s attorneys, with 40,000 new ones freshly minted every year. An attorney without a lawsuit is like a fish out of water. Without lawsuits attorneys cannot survive and prosper.

According to “Legal Reform Now!” there are 15 million lawsuits filed in state courts every year. That translates to 30 new lawsuits filed every minute. Statistically, you have a 1 in 4 chance of being hit with a lawsuit before you die.

No longer is it just death and taxes that we can count on with certainty. The list now includes death, taxes, and – lawsuits. At least for Americans.

Are we really that bad compared to the rest of the world? Well, consider this. America has one engineer for every 109 engineers found in Japan, for example. On the other hand, Japan has one attorney for every 112 attorneys in the United States. Lucky us. And most of those attorneys are occupied with ganging up on the engineer, or at least the industry for which the engineer works. Is it any wonder we’ve lost our lead in productivity. But not to worry – after all we’re the “knowledge” experts, blessing the rest of the world with our know-it-all attitude.

You think this doesn’t effect you? As a matter of fact, every American pays an approximate $800 to $900 “lawsuit tax” every year, as reported by the Foundation For Fair Civil Justice. How so? All those businesses that the attorneys are attacking – you think they pay the bill? They simply pass it on to the consumer in higher prices – a whopping $261 billion dollars and that was back in 2005.

To put it in context, that’s over two percent of the United States’ Gross Domestic Product for a year. And again, manufacturing bears the lion’s share of the burden at 4.5 percent.

Everybody knows about the kinds of frivolous lawsuits that are being filed. Here are a few examples from InsidePrison.com:

* Atlanta Braves outfielder Andrew Jones was hit with a lawsuit for tossing a baseball into the stands (2002)

* Little League coaches were sued for $25,000 when a boy lost a fly ball in the sun and was struck in the eye

* A woman named Stella Liebeck burned herself with coffee at a McDonalds and was awarded almost $3 million in damages in 1992.

The Solution: Pre Paid Legal Insurance

The company called Pre Paid Legal Services is not the only provider of pre paid legal insurance in America, although they may be the market leader. So it will pay to do your homework and compare price and benefits before settling on the best company for you.

The basic package for a family will include phone consultation on any legal matter, document review and even review of legal entities such as an LLC. I purchased NOLO’s “LLC Maker” program to produce the basic documents and then let my pre paid legal insurance review it for free. Total cost was $35 for the program versus the typical $500 attorney’s charge to set up an LLC. I have used the NOLO program twice so you can double the savings.

You can buy a lot of peace of mind and otherwise costly legal services for only about $20 a month. It doesn’t pay for everything if you get tangled up in a lawsuit, but it does cover some and pays for a lot of the basic legal needs of a real estate investor.

Oliver Woods is a real estate advisor offering some of the most discounted deals available for residential and commercial investors today at http://www.DiscountHomesNationwide.com Or he can help you find the strongest return possible when selling your home by enrolling in his nationwide home marketplace for sellers

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