When is the best time to do asset protection planning?
Release Date: 06/17/2021
Asset Protection Guarantee
The Lawyer-Human Daily
People ask if they are guaranteed not to lose a single dollar if they invest in an asset protection plan. While that would be a nice guarantee, it is not how asset protection planning works. Your assets will be more protected from loss with a plan in place. Listen in to see what kind of guarantee you can get and how asset protection works with the threat of a lawsuit.
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How does an asset protection trust work: the 4 main roles
The Lawyer-Human Daily
An asset protection trust divides legal ownership and beneficial enjoyment between two different parties. Legal ownership of the trust assets goes to the Trustee of the trust. Beneficial enjoyment of the assets belongs to the Beneficiaries.
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Are assets automatically put into your trust?
The Lawyer-Human Daily
After you form an asset protection trust, are your assets automatically inside the trust? If not, what do you need to do to get them inside?
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Should I put my car in my asset protection structure?
The Lawyer-Human Daily
You might be wondering if you should put your car in an LLC or trust for asset protection. Unless the car is a very valuable collector item (that you do not drive often), you should not put a car in an asset protection structure.
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One fundamental difference between offshore and domestic
The Lawyer-Human Daily
One fundamental difference between offshore and domestic asset protection planning is the court systems. This might actually be the root cause for why so many people seek out asset protection planning in the first place. The US court system is built for and serves to allow plaintiff attorneys (contingency fee attorneys) to take hard-earned money away from others. The ever-growing flow of frivolous lawsuits in the US, led to the creation of offshore laws and courts that provide more protections to the successful people targeted by these baseless lawsuits.
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Why is there a holding company in my trust?
The Lawyer-Human Daily
A holding company is a common asset to have within an asset protection trust. The holding company can be beneficial for a number of reasons as we discuss in the video.
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Real Estate Privacy
The Lawyer-Human Daily
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live? We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It’s not hard to do. The catch is that for real estate you already own in your name, you can’t erase the record of ownership. There will still be a...
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Should I have an offshore or domestic asset protection plan?
The Lawyer-Human Daily
Another common question we get around here. To go offshore? Or stay entirely domestic? Offshore can be more expensive and require multiple IRS disclosures. Domestic planning has a track record of being ineffective and losing in court. The good news is you don’t have to choose all of one or the other. You can pick and choose the best of each to make a strong, effective asset protection plan. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
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How long does it take to set up an asset protection trust?
The Lawyer-Human Daily
Setting up an asset protection trust involves a couple of steps. The first is creating the trust itself. That takes on average 2-3 weeks. Clients in a rush have created their trust within 3 days. The next step is "funding" the trust. That means putting your assets inside of the trust. How long this takes will depend on the number and type of assets you have. If you decide to open any offshore accounts, please budget 2 months for the bank to finalize everything.
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Real Estate Privacy
The Lawyer-Human Daily
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live? We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It's not hard to do. The catch is that for real estate you already own in your name, you can't erase the record of ownership. There will still be a trace of...
info_outlineI saw someone in this arena estimate that 85% of the people looking to set up an asset protection plan already have an existing legal threat.
Here’s our friendly reminder to not wait using our favorite storm metaphor.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com