Asset protection is a strategy to reduce your personal exposure to potential future liability. Think of it like insurance. It’s a plan to discourage lawsuits and reduce potential liability to a future creditor. [Read more…] about What is asset protection?
Who do you trust to be on your team?
I’ll pray for you
“I’ll pray for you, Mike.” That was the weird closing line, from an odd email that followed a very odd experience.
Mike had been meticulously developing his short term rental property for years. It all started with an idea to convert an unused workshop into a way to make some extra income during the year. The workshop wasn’t exactly unused. It was filled with junk acquired over the years.
Unproductive workshop is probably a better term. [Read more…] about I’ll pray for you
The cutting edge asset protection strategy nobody talks about – be kind
The cutting edge asset protection strategy nobody talks about – be kind
One of the strategies that is rarely, if ever, mentioned in the asset protection world is to be kind. [Read more…] about The cutting edge asset protection strategy nobody talks about – be kind
Hybrid Asset Protection Trust (like a house fire)
Hybrid Asset Protection Trust
A hybrid asset protection trust is a planning tool that utilizes a “best of both worlds” scenario. Those worlds being domestic asset protection trusts and offshore asset protection trusts. There are pros and cons to both of these asset protection trusts. However, a hybrid trust can be both a domestic trust and an offshore (or foreign) trust at the same time! This type of trust is a flexible tool that is optimized for any given scenario. [Read more…] about Hybrid Asset Protection Trust (like a house fire)
Domestic Asset Protection Trusts vs. Offshore Asset Protection Trusts
The Pros and Cons of Domestic and Offshore Asset Protection Trusts
The main advantage of an “offshore” or foreign trust is that it removes you from the U.S. court system. Just as you diversify investments, you can diversify jurisdictions for your asset protection plan. I don’t think you can rely on the same court that can take away your assets, to also protect your assets. With a domestic asset protection trust, you’re stuck in the terrible U.S. court system where any knucklehead can file a lawsuit with or without good cause.
Let’s compare and contrast the domestic trust approach vs. the offshore, or foreign, trust approach. [Read more…] about Domestic Asset Protection Trusts vs. Offshore Asset Protection Trusts
