If you are the only person in charge of your trust, a judge can order you to hand over the trust assets to your creditors.[Read more…] about Why can’t I be the only person in charge of my asset protection trust?
People rarely want to give up control of their trust and assets. It is possible to be the trustee of your asset protection trust, but it must be set up properly so that an independent trustee can step in when needed.[Read more…] about How can I be a trustee and also get asset protection?
Done early and without motive to screw over existing creditors, you’re within your right to put an asset protection plan in place.[Read more…] about Your right to asset protection
Many people think the LLC charging order is a flexible strategy that provides strong asset protection. Here are some of tactics that don’t work with charging order protections.[Read more…] about LLC Charging Order Fairytales
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 name
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 plate