You can avoid lawsuits entirely by not owning things directly in your name. People who own rental property, brokerage accounts, etc. in their personal names are a favorite target for lawyers looking to sue.
[Read more…] about Don’t own real estate in your nameTake steak off the plate
When you set up an asset protection trust, you don’t want to put ALL of your assets into the trust so that you’re completely “broke” on paper.
When designing your asset protection plan, you do want to put your most desired assets into the trust, out of reach of future potential creditors. The steak of your assets is cash and other liquid assets.
Creditors want to take those because they are easy to take and put onto their own dinner plate. Removing those desirable, easy-to-take assets can make you less of a target for stupid lawsuits.
[Read more…] about Take steak off the plateIsn’t an LLC enough?
You’ve put some planning in place to protect yourself and your family. Is having an LLC good enough? Should you stop there? Business planning with LLCs won’t really protect your personal assets if you get a judgment against you.
Can you hide assets in a trust?
You can hide assets in a trust because they offer a great level of privacy.
People won’t know what is inside the trust. They won’t know if there’s a relationship between you and the asset protection trust trust.
They won’t know if there’s a relationship between you and the asset protection trust trust.
Trusts do not hide your assets from the IRS or government.
The trust does hide assets in the sense that it gives you increased privacy from nosy people and from having to post ownership information online.
See also our post about the Anonymous LLC.
Colin Ley is an asset protection attorney and the creator of the PREP Trust®. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Want to protect yourself from stupid lawsuits? Let’s talk about your asset protection strategy: book a free initial consult
How much does it cost to set up an offshore trust?
How much does it cost to set up an offshore trust? That’s a question I get a lot and it depends really on who is making the trust for you.
The cost to set up an offshore trust varies between about $15,000 to $40,000 if it’s being made by a US attorney.
You can read more about offshore asset protection trusts.
Colin Ley is an asset protection attorney and the creator of the PREP Trust®. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Want to protect yourself from stupid lawsuits? Let’s talk about your asset protection strategy: book a free initial consult
How do offshore trusts work?
Offshore trusts work by relying on the laws of different countries. When you go offshore, you’re using better laws than those that are offered in the US.
Typically many US persons are going offshore for better asset protection laws.
The U.S. does not offer great protections for people who are the victim of frivolous lawsuits. Countries offshore offer Americans better protection for their assets through trust and LLCs and other entities.
Related posts: Offshore asset protection trusts, Turnover Orders
Colin Ley is an asset protection attorney and the creator of the PREP Trust®. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Want to protect yourself from stupid lawsuits? Let’s talk about your asset protection strategy: book a free initial consult
