Thanks for posting this video. One asset protection option in Texas you didn't mention is a deferred variable annuity contract such as the Fidelity Personal Retirement Annuity.
Thanks for this very informative video. Can you expand on someone residing in Texas opening a Wyoming LLC and/or a Trust (self-settled), as a 2nd or 3rd layer of protection strategy . Are there any benefits or additional protection one can derive from it? Thanks
Generally speaking, no, that won't provide a lot of protection. Can it help hide what real estate you own if that real estate has always been owned through the LLC or trust? Yes, because your name isn't listed, but by the time a lawsuit has concluded and the plaintiff is recovering assets, the defendant (the person who set up the LLC or trust) will have to disclose the existence of the LLC and trust as part of post-judgment discovery. Texas provides no asset protection benefits from a self-settled trust and placing assets in an entity outside of Texas that is totally controlled by the person looking for protection won't necessarily provide any protection either.
Hi, I am in Texas. Am I understanding this correctly, I can just make up a name and create the trust document to form a trust, and the trust name will be recognized as a legal entity by the banks, mortgage lenders, etc? Would I have to get the trust document notarized?
You should talk about your specific circumstances with an advisor who's dealt with this before to ensure that you get your best answer! Can you make up any trust name you'd like? Yes. Will the trust be a legal entity? No, no trust is a legal entity. It's a legal relationship between the grantor, trustee, and beneficiary. Trust agreements don't need to be notarized, but it's a good idea.
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Thanks for posting this video. One asset protection option in Texas you didn't mention is a deferred variable annuity contract such as the Fidelity Personal Retirement Annuity.
You're right--I didn't! I generally lump annuities in with other life insurance products, so I didn't mention it specifically in this video.
Great video! Thank you for sharing!
Great info keep it coming
Thanks, will do!
Thanks for this very informative video. Can you expand on someone residing in Texas opening a Wyoming LLC and/or a Trust (self-settled), as a 2nd or 3rd layer of protection strategy . Are there any benefits or additional protection one can derive from it? Thanks
Generally speaking, no, that won't provide a lot of protection. Can it help hide what real estate you own if that real estate has always been owned through the LLC or trust? Yes, because your name isn't listed, but by the time a lawsuit has concluded and the plaintiff is recovering assets, the defendant (the person who set up the LLC or trust) will have to disclose the existence of the LLC and trust as part of post-judgment discovery.
Texas provides no asset protection benefits from a self-settled trust and placing assets in an entity outside of Texas that is totally controlled by the person looking for protection won't necessarily provide any protection either.
Hi, I am in Texas. Am I understanding this correctly, I can just make up a name and create the trust document to form a trust, and the trust name will be recognized as a legal entity by the banks, mortgage lenders, etc? Would I have to get the trust document notarized?
You should talk about your specific circumstances with an advisor who's dealt with this before to ensure that you get your best answer!
Can you make up any trust name you'd like? Yes.
Will the trust be a legal entity? No, no trust is a legal entity. It's a legal relationship between the grantor, trustee, and beneficiary.
Trust agreements don't need to be notarized, but it's a good idea.