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Author Topic: asset protection?  (Read 382 times)

Offline rabbidrabbit

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asset protection?
« on: January 29, 2007, 08:26:59 PM »
I have not seen a thread on this before so it might be interesting.  What options are there for asset protection?  Is it worth it to put your house in trust or create a company to own it?  Should you create an investment company to hold your assets?
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Offline eagl

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asset protection?
« Reply #1 on: January 29, 2007, 09:40:55 PM »
You really need to see a lawyer or consulting service about this...
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Offline Eagler

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a living trust
« Reply #2 on: January 29, 2007, 09:43:14 PM »
It is one way to protect yourself from the sue happy lawyers and their tele ads ... 1-800-call-gary
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Offline Chairboy

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asset protection?
« Reply #3 on: January 29, 2007, 09:44:01 PM »
This is the O'Club, all we'll tell you is that the best form of asset protection is a gun, then someone else will blame Katrina on all the liberals that didn't have guns, then someone else will chime in "Oh, so it's a race thing?" and finally Seagoon will come and calmly bring his flock of posters together in a big communal man-hug and everyone will each other.

Oh, and you still won't have an answer to your question, so just follow Eagl's advice.
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Offline rabbidrabbit

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asset protection?
« Reply #4 on: January 29, 2007, 09:48:15 PM »
I'm not expecting or even looking for legal advice.  The question was more along the lines of what steps have folks taken to protect themselves from lawsuits or taxes and estate planning.  This stems from a conversation with my parents who are putting their houses in trust and from a friend who sold his house to a corporation that he owns just in case he gets sued.
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Offline eagl

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asset protection?
« Reply #5 on: January 29, 2007, 09:51:49 PM »
I need to do this same thing for various reasons, and what I"m gonna do is...

Get a lawyer through a financial management consulting service.

Seriously.
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Offline AWMac

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asset protection?
« Reply #6 on: January 29, 2007, 10:52:37 PM »
Yeah what Eagl said...or otherwise learn to play ball with Vulchers and Scum... They'll win.

Mac
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Offline E25280

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asset protection?
« Reply #7 on: January 30, 2007, 12:24:22 AM »
Quote
Originally posted by rabbidrabbit
The question was more along the lines of what steps have folks taken to protect themselves from lawsuits or taxes and estate planning.
What has worked best for me is facing the corner while closing my eyes tightly, covering my ears, humming loudly, and hoping it will all turn out ok.  :aok
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Offline Eagler

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asset protection?
« Reply #8 on: January 30, 2007, 06:05:08 AM »
here is some info .. my sister works for these guys and I have known them for years, one is my brother in law

Ryan and Coppola
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Offline Choocha

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asset protection?
« Reply #9 on: January 30, 2007, 02:00:55 PM »
Get a Lawyer if you're serious at all.


Go to this site:

http://www.martindale.com/


AV lawers are the best.  My friend started a business and did a lot of homework, found a good lawer and protected his ass.

Five years later the business went bust and EVERYBODY, I mean EVERYBODY wanted a piece of his ass.

He was saved by that lawer.
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Offline rabbidrabbit

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asset protection?
« Reply #10 on: January 30, 2007, 02:45:01 PM »
At some point getting a lawyer would be prudent to effect some changes.  That wasn't my point.  I'm not getting sued, I don't expect to.  I'm wondering what experience folks have had with these kinds of issues.  I have not seen it come up here but have spoke with a few folks over the last month where this stuff came up such as my parents getting trusts and a doctor friend incorporating and selling his house to it then renting the house back.
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Offline Bodhi

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asset protection?
« Reply #11 on: January 30, 2007, 02:53:59 PM »
rr,
I work for an aviation company.  That company provides me with insurance to protect me in the event of a mistake of mine (inadvertant or gross negligence) were to cause harm to others and I were sued and lost, the insurance will kick in and protect myself and my assets.  In the industry I am in, it is not a common insurance, but it is starting to change.  As for my personal assets, I allow my home owner's policy to protect me in the event of an issue there.  As for out in the world, should I do something that harms someone and I am sued, well, then I have to rely on my attorney to get me out of the issues that arise.  It is a good question, and one best answered by a legal consultant.
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Offline Sikboy

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asset protection?
« Reply #12 on: January 30, 2007, 02:55:45 PM »
I'm not a lawyer.

The most important thing to remember about asset protection though (in my very very humble opinion) is that you need to have sufficient assets to really worry about it.

Plus you have to think about what you are protecting them from? The Estate Tax? In that case, keep in mind that there are exemptions that keep you from having to worry about this unless you have a large estate. (I think the estate tax exemption is at about $2,000,000 per person, but it may be $1,000,000 per person). either way, that's a hell of a lot more than my meager estate lol.

Are you worried about getting your bellybutton sued off? It's possible that bankruptcy laws can protect you there. In Texas you can protect a ****load of property (inlcuding 2 firearms and 12 head of cattle! Whoo-Hoo!), but I'm not sure how far a judgement holder can reach into bankruptcy.

Trusts are fun though if you want to turture your hiers. That's my plan. Put everything into a trust and only allow payouts for... oh, I don't know Orange Marmalade Sandwiches. My Children and my Children's Children are going to hate me for eternaty if I outlive Wife 2.0.

-Sik
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Offline Choocha

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asset protection?
« Reply #13 on: January 30, 2007, 04:23:15 PM »
If your assets amount to anything ..get a lawyer.


If not, ask somebody on this board for advice.
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Offline rabbidrabbit

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asset protection?
« Reply #14 on: January 30, 2007, 06:02:48 PM »
I'm just asking about experiences and ideas.  Some good stuff circulating.  This seems like tax planning or insurance.  Its one of those things you generally don't think about but should.
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