LayRoots

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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

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A lesson in ghosting

Ghosting, aka The Irish Goodbye

The holiday season is in full swing. This means lots of parties and celebration. For me that means Thanksgiving, Friendsgiving, office holiday parties, Christmas, New Years eve, polar plunge, and a handful of other events I’m sure. For my mother-in-law it means a party to visit every day in the month of December. I don’t know how she does it.

Despite what others might tell you, I love the opportunity to see and visit with friends and family. We have some beers (or wine when it’s fancy). Eat some great food. Eat more great food until you’re FTB (fit-to-burst for my non-British readers). See how much everybody’s children have grown. There comes a point at every event though when you just want to go home. And when I want to go home, I’m ready to go home. For this reason, I’m a huge fan of “ghosting” or “Irish goodbyes.” [Read more…] about A lesson in ghosting

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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)

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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