They are now commonly used for non-tort claims and have been extended in some cases to have worldwide jurisdiction. Courts have, in certain circumstances, allowed the admission of improperly obtained evidence. Asset Protection Trusts can give rise to the courts in another jurisdiction assuming jurisdiction over the trustees or the assets if they are found within the forum of the court. As carriers of indemnity insurance, professionals present a natural target. The tax planner has to be aware of and comply with the requirements of other areas of law.
Professionals are significantly at risk in committing acts of negligence.
He should also remember that contractual exclusions may not affect any liability he may have, not to the client but to others who may be affected by his advice. New legislation in Jersey, providing for limited partnerships, is expected to exonerate partners not personally involved in the negligence. The use of limited companies for audit work may or may not afford the benefit of limited liability. In the United States legislative initiatives have been directed towards limiting liability to a proportion attributed to the accountancy firm. A person who is a trustee is fully liable to third parties, except to the extent that the contract expressly provides otherwise, but does have a lien on the trust fund to cover such liability.