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Started By
Message
Protection for your money...
Posted on 1/31/19 at 1:04 pm
Posted on 1/31/19 at 1:04 pm
Say you have a nest egg that you want to protect....do you put it in a trust, or just invest it with a financial planner? What's the best way to protect it from lawsuits?
7
Posted on 1/31/19 at 1:21 pm to btnetigers
quote:Huh?
invest it with a financial planner? What's the best way to protect it from lawsuits?
Posted on 1/31/19 at 1:22 pm to btnetigers
If you are talking about strictly from lawsuits, I know some wealthy individuals or families pay for what is known as umbrella insurance.
Don't know much about it though because I am still young and haven't accrued that amount of wealth yet
Don't know much about it though because I am still young and haven't accrued that amount of wealth yet
Posted on 1/31/19 at 1:47 pm to HYDRebs
Umbrella insurance isn’t necessarily for super wealthy. It’s just to go above and beyond your limitations of your normal policies. I have umbrella insurance.
OP, what your looking for is either to move assets into a company (LLC) or a trust. Beyond that, you’d have to seek an estate attorneys advice on which is appropriate for you.
OP, what your looking for is either to move assets into a company (LLC) or a trust. Beyond that, you’d have to seek an estate attorneys advice on which is appropriate for you.
Posted on 1/31/19 at 1:55 pm to btnetigers
Do you trust your wife?
What I mean is, do you think she'd go behind your back and try to hamstring you?
What I mean is, do you think she'd go behind your back and try to hamstring you?
Posted on 1/31/19 at 2:02 pm to btnetigers
Send it to my PayPal
wizziko at gmail
wizziko at gmail
Posted on 1/31/19 at 2:25 pm to btnetigers
How much are we talking here?
Posted on 1/31/19 at 2:50 pm to boosiebadazz
What are you doing that you plan to get sued?
Posted on 1/31/19 at 2:51 pm to btnetigers
Not sure if that the case or not, but this has an "illegal" undertone
Posted on 2/1/19 at 9:25 am to castorinho
I suppose you could incorporate yourself to decrease liability and taxes. In theory that should protect your nut; but you'd have to talk to an attorney about all that. Just follow the basic process of incorporating a business name, directors, create some bylaws, issues stock certificates etc.
You would then pay yourself a dividend if you need access to any of the money. But again, what exactly are you doing where you would need to do this?
You would then pay yourself a dividend if you need access to any of the money. But again, what exactly are you doing where you would need to do this?
This post was edited on 2/1/19 at 9:30 am
Posted on 2/2/19 at 1:59 pm to btnetigers
Are you asking how to stash cash in a safe place or how to protect hard assets, like property or a sole proprietorship?
Putting money with a financial planner wouldn't protect you from anything, except maybe theft of cash in a home safe - course, then the planner might steal it.
Depending what assets you're talking about, the best answer could be insurance, like an umbrella policy, an LLC, a trust, etc. I have an umbrella policy and some LLCs.
As a side note, there's a site that suggests loading up on debt as some sort of (retarded) lawsuit avoidance strategy. There are a LOT of stupid reasons to carry debt. That one has got to be in the Top 2.
Putting money with a financial planner wouldn't protect you from anything, except maybe theft of cash in a home safe - course, then the planner might steal it.
Depending what assets you're talking about, the best answer could be insurance, like an umbrella policy, an LLC, a trust, etc. I have an umbrella policy and some LLCs.
As a side note, there's a site that suggests loading up on debt as some sort of (retarded) lawsuit avoidance strategy. There are a LOT of stupid reasons to carry debt. That one has got to be in the Top 2.
Posted on 2/2/19 at 6:33 pm to Jag_Warrior
quote:
Jag_Warrior
saw one of these baby's at lowes today. been wanting one for so long.
LINK
only 32k cash.
Posted on 2/3/19 at 1:27 am to Shepherd88
quote:
Umbrella insurance isn’t necessarily for super wealthy. It’s just to go above and beyond your limitations of your normal policies. I have umbrella insurance.
My umbrella policy is only a little over 50 bucks a year for coverage of 1 million, too cheap not to have it.
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