AmSouth: Be cautious, protect your assets
By By William F. West / community editor
Feb. 19, 2003
A group of Meridian business leaders was treated to a gourmet lunch Tuesday plus free advice on how to protect assets and investments.
AmSouth Bank in Meridian sponsored the more than two-hour event, which was attended by about 75 people. It was the bank's first-ever discussion of such topics.
Fred Crown, an AmSouth senior vice president and regional manager from Nashville, talked in depth about the ailing national economy that was further hurt by the 9/11 terrorist attacks.
Crown said the high tech and transportation industries, along with manufacturing, particularly suffered major declines in production. The good news, he said, is inflation has remained low.
Crown acknowledged concerns about domestic terrorism and a possible U.S. war against Iraq.
He said AmSouth's belief is that things are improving and that people need to carefully move back toward investing in the stock market.
Meridian attorneys Ralph Young and Winky Glover also spoke.
Young said a potential threat to a person's assets could come from a spouse, particularly if the marriage degenerates into a divorce. He advised the audience to sign pre-nuptial and post-nuptial agreements.
Glover also advised the audience to create trusts, limited liability corporations or limited liability partnerships to shield their assets from lawsuits.
Meurice LeFevre, owner of Chunky River Harley Davidson, said afterward he's concerned about stories of high jury awards for minor offenses in Mississippi. LeFevre said he's hoping tort reform will correct the situation.
John Summers, manager of Meridian Coca-Cola Bottling Co., said he's concerned about the Bush administration's efforts to cut taxes while increasing government spending.
Summers said he also is concerned the federal government is placing an increasing burden on state governments to impose taxes.
AmSouth Meridian held a similar presentation Tuesday night at Northwood Country Club for the benefit of the medical community.
