What is the best way for me to protect my assets from lawyers and other thieves?
The best way to hide your name is putting your assets in a “Trust”.
- Conduct your business in such a way that you don’t get sued.
- Own only exempt assets.
- Spend about $100K on someone who actually knows what he is doing. The key number is the number of times they have defended or attacked a plan and won. Anyone who spends more time in seminars than in a courtroom is a waste of money.
All of the above are not realistic. Thanks anyway
Redhawk
What’s unrealistic? The manner in which you conduct your business is completely within your discretion. Not getting sued in the first place is the best way to protect your assets.
OJ kept his NFL pension and mansion despite a 35 million dollar judgment. Courts routinely protect exempts assets from seizure, even for the most despicable defendants.
The top planners in the country have a track record of success either winning at trial or showing the creditor he won’t collect. If you are looking for some guru-level plan you can do yourself, then you are correct. They aren’t realistic. Real protection isn’t cheap and it doesn’t come easy.
It is unrealistic to own only exempt assets when you are a Real estate investor. It is unrealistic to conduct business so you cannot get sued if for no other reason than we have to sue tenants to get our money or possession and that opens to counter suits . It is unrealistic to spend all of your wealth on protection of your wealth to lawyers, which proves my point of scoundrels and thieves
I was hoping for a discussion on trusts, llc’s, flp’s and other ideas to make it more difficult to be targeted and more difficult to collect if you do get sued.
Redhawk