I moved from KS to FL. Just the two of us, no kids. I've talked to 5 or 6 attorneys and got 9 different answers. You carry a high liability policy, you're fine. Everything should be in a trust. It's a homestead state never put your house in a trust. You should have a irrevocable trust. Never put anything in a irrevocable trust. Your will is fine till one of you die, then everything should be in a trust. I know less now than when I started ?
With two children in college my highest risk is auto. I carry high liability insurance limits and have an umbrella policy. The umbrella policy is very reasonably priced for the peace of mind it gives me. Also important to teach the kids to drive carefully in the first place.
Yea, unsure if this is viable for all states.. should rename title to specific state you are referencing. Having someone sue you as an individual but say they can pierce the corporate veil? Unsure if that's possible if the LLC is operated correctly? If people could sue individuals and then get assets from their LLC, then why would people form LLCs...? There would be no purpose to them.. right?
I owned a commercial building that was its own LLC. If someone slipped and fell in the building they might be able to get the building but my other personal assets were protected. If you own a LLC business and an employee is driving a company car and has an accident the LLC's assets are in jeopardy, but again not your other personal assets.
i have a mobile in park Florida no HOA, own my own property, monthly fee for pool, and amenities, i have refused to pay the fees as the president and committee are wasting our money. They are planning on foreclosing on my property, apparently, they have a lean on my property. I am a Canadian.
better to distribute your wealth in real estate and rental properties from different countries that are not closely tied to the US banking systems. this way if things go bad, you can always have savings internationally
Honestly, if you own a lot of investments, but not a business, then you shouldn't have any problems when getting sue in respect. All you have to do is stay out of trouble. The key is out of sight, out of mind. The big problem is when you own a business. That's when the big shot lawyer(s) come in and things get really ugly in respect.
What you said about LLC's in this video contradicts everything I ever read or heard about asset protection provided by LLCs. Can you explain or elaborate why LLCs are not protected from lawsuits?
An LLC is governed by the laws of the state where it is formed. An LLC formed in Wyoming cannot be pierced. I think the same is true for Nevada and Delaware.
If someone had $500,000 in publicly traded stocks in a personal stock brokerage account (e.g. Charles Schwab), what would you recommend that person do to protect their $500k from personal liability from a car accident?
Example -The parents bought the property for $100K. They create a Life Estate with the two of them as the life tenant and the son as the remainderman when the market value is $1M. When dad passes away the market value is $1.5M, and late when the mom passes away the market value is $2M. So when the son gets the $2M property as a remainderman, what will be his capital gain if he sells it later at $2.5M?
Umbrella policy all the way! Even after the kids are out of the house you want the added protection in the event someone Sue’s you for something you did. The policies are inexpensive and provide great peace of mind!
And of course - there are deceptive conveyance laws in the states when asset transferring. Gotta be very careful with them. Get in trouble with California with deceptive conveyance laws ghere, and you could face jail time. Generally, in estate planning or asset protection from creditors or litigants, you need to create that irrevocable trust or estate trust or other asset transfer technique before you get a lawsuit or judgment, to avoid the risk of being charged with deceptive conveyance. Right?
I moved from KS to FL. Just the two of us, no kids. I've talked to 5 or 6 attorneys and got 9 different answers. You carry a high liability policy, you're fine. Everything should be in a trust. It's a homestead state never put your house in a trust. You should have a irrevocable trust. Never put anything in a irrevocable trust. Your will is fine till one of you die, then everything should be in a trust.
I know less now than when I started ?
Same thing happened to me as well
My brother is a truck driver & asked me to look into how to protect his assets, Thank you
With two children in college my highest risk is auto. I carry high liability insurance limits and have an umbrella policy. The umbrella policy is very reasonably priced for the peace of mind it gives me. Also important to teach the kids to drive carefully in the first place.
Why do you say and do what you do?¿
Like that Your videos are very easy to follow. A lot of greats points.
What about 529 plans do they fall into 401k and Ira’s?
Thx
Yea, unsure if this is viable for all states.. should rename title to specific state you are referencing. Having someone sue you as an individual but say they can pierce the corporate veil? Unsure if that's possible if the LLC is operated correctly? If people could sue individuals and then get assets from their LLC, then why would people form LLCs...? There would be no purpose to them.. right?
I owned a commercial building that was its own LLC. If someone slipped and fell in the building they might be able to get the building but my other personal assets were protected. If you own a LLC business and an employee is driving a company car and has an accident the LLC's assets are in jeopardy, but again not your other personal assets.
i have a mobile in park Florida no HOA, own my own property, monthly fee for pool, and amenities, i have refused to pay the fees as the president and committee are wasting our money. They are planning on foreclosing on my property, apparently, they have a lean on my property. I am a Canadian.
We both do not have family to leave money too - so if the State takes our home, that's what it's for I guess. Is there a downside to that?
better to distribute your wealth in real estate and rental properties from different countries that are not closely tied to the US banking systems. this way if things go bad, you can always have savings internationally
Excellent overview ty
How do we protect non spouseinherited IRAs from lawsuits?
You should consult with an estate attorney
Honestly, if you own a lot of investments, but not a business, then you shouldn't have any problems when getting sue in respect. All you have to do is stay out of trouble. The key is out of sight, out of mind. The big problem is when you own a business. That's when the big shot lawyer(s) come in and things get really ugly in respect.
im in florida can you help me protect my assets?
You should consult with an estate attorney
Put your money in life insurance
Why no mention of an Umbrella policy ????? Very strange!!!
What you said about LLC's in this video contradicts everything I ever read or heard about asset protection provided by LLCs. Can you explain or elaborate why LLCs are not protected from lawsuits?
An LLC is governed by the laws of the state where it is formed. An LLC formed in Wyoming cannot be pierced. I think the same is true for Nevada and Delaware.
Unfortunately IRAs are not protected in the state of Wyoming.
You might mention an umbrella policy that can help
Bury your cash in the back yard, just don't forget where you buried it!
A good, clear discussion of a complex topic. Thank you!
If someone had $500,000 in publicly traded stocks in a personal stock brokerage account (e.g. Charles Schwab), what would you recommend that person do to protect their $500k from personal liability from a car accident?
Jesus willing I’ll never be sued
Example -The parents bought the property for $100K. They create a Life Estate with the two of them as the life tenant and the son as the remainderman when the market value is $1M. When dad passes away the market value is $1.5M, and late when the mom passes away the market value is $2M. So when the son gets the $2M property as a remainderman, what will be his capital gain if he sells it later at $2.5M?
Rental properties protected ?
Umbrella policy all the way! Even after the kids are out of the house you want the added protection in the event someone Sue’s you for something you did. The policies are inexpensive and provide great peace of mind!
Where do you buy umbrella policy
Liberty Aid
What about HSA plans not through an employer?
Thank you.
Thank you
How do I protect my assets and my savings if I should get sued and still be able to withdraw money from it whenever I want and also build interest
You should consult with an estate attorney
That's the reason I will never come to you. Teaming up with crazy frog...please😂😂😂😂
And of course - there are deceptive conveyance laws in the states when asset transferring. Gotta be very careful with them.
Get in trouble with California with deceptive conveyance laws ghere, and you could face jail time.
Generally, in estate planning or asset protection from creditors or litigants, you need to create that irrevocable trust or estate trust or other asset transfer technique before you get a lawsuit or judgment, to avoid the risk of being charged with deceptive conveyance.
Right?
Spaghetti talk, my 2yo explain and get to the point better then this guy