Asset protection is what you do to protect your assets (things, money).
The basic ideas is to hide your assets, so that people who are looking for them can't find them.
The simplest form of asset protection is burying your stuff in your backyard. But how do you protect your car?
There are lots of different viewpoints, but all agree... You must do something BEFORE your assets are in trouble.
One school of thought is to have a Nevada Corporation. Find someone you know and trust, and have them use their name on the application, and also for the officers. If you want to open up a business bank account, you will need to get an Employer Identification Number (EIN). Check the IRS
website for information.
To protect your car, or boat go down to the DMV and have the corporation file a lien on your car. You may get some resistance to this, but eventually someone in the DMV office will know how to do this, and allow it. Usually the fee for this is under $10.00
To protect your home, go to the recorders office and file a second or third deed of trust (or mortgage) on your property. You can generally find samples on the internet.
You must keep accurate records, and it is suggested you buy a record kit. The prices vary all over the map. We have used xxxx.com. You can always give your records to your lawyer.
You worked hard to be where you are! Why let other people target you because you have money?
Over 152 BILLION
dollars was paid last year to Settle Frivolous
You are a target if ANY
of these apply to you:
- You Own A Home
- You Have A Car
- You Have Savings
- You Have A Professional Practice
- You Are An Entrepreneur
You do not need to be Rich or Famous to have your financial life ruined or to be a target!
You have a LEGAL RIGHT to protect your assets.
No lawyer wants to take a contingency case if there are no assets in your name.
A judge can't seize what you don't own.
Asset Protection does not mean you don't pay taxes. But, we can also help you save on taxes!
This is not meant to be legal advise. You are encouraged to speak to your own lawyer and accountant to see how this will work with your circumstances.