Protect Assets Strategy

so they do not have to have battles over property and custody of children in the event of a divorce ?

most people don’t have any assets before they get married. The average age for marriage in this country is still only 25. How much did you have when you were 25 years old? I was living in my parent’s garage.

so they do not have to have battles over property and custody of children in the event of a divorce ?

most people don’t have any assets before they get married. The average age for marriage in this country is still only 25. How much did you have when you were 25 years old? I was living in my parent’s garage.

Both my mother in law and father in law have both been placed in a nursing home for what appears to be long term. How can they protect their assets? How do the five year look back laws play into their decision?

If there are significant assets, look into a Trust.
Have a Lawyer review any nursing home contracts.
Those can be rapacious.

Both my mother in law and father in law have both been placed in a nursing home for what appears to be long term. How can they protect their assets? How do the five year look back laws play into their decision?

If there are significant assets, look into a Trust.
Have a Lawyer review any nursing home contracts.
Those can be rapacious.

What does personal/ business bankruptcy protect you from as far as whats under your name, personal assets, and what they can and cannot touch, seize, garnish, lawsuits, and or anything of that nature?
What does personal/business bankruptcy protect you from as far as whats under your name and assets in the State of Virginia? No debt just need to get out of lease due to lack of business.

Depends on the State.
In Texas, the creditors can take everything except your house and 1 car.
In Indiana, the creditors can take everything that they are able to sell, which is pretty much everything.

So as you can see, bankruptcy doesn’t "protect" anything. BK is for people who are 50,000 or more in debt, and have no assets to pay their debts.

Where BK becomes useful is when a business fails, you can usually walk away from bank loans that are for the business only, and keep you personal stuff. So long as the business was kept in a legal separate entity such as LLC. Sole proprietor is not a separate entity as you would use your SSN for the business instead of obtaining a TIN for an LLC.

I have no faith in the dollar. The economy is going down the drain. I don’t want to put my money in the bank because the dollar is just going to depreciate. The only thing that seems to raise in value are gold and food. Is it too early to give up on the economy now and invest my money in things that have more value? What advice can you give me?

It all depends on how much cash you have and how long you can miss it for investment purposes.

I put about half of my money in mutual funds (tax friendly assets because I won’t have to pay estate tax over their value) and half in savings accounts (part of it tied up for 10 years to nail down a 4.25% interest rate). The reason I put some of my money in savings is I plan to buy a house in about 5 years and I do not want to have the risk of waiting for a down stocks market to rise again.

I trust stocks but you need to have the luxury of waiting for the right moment to cash in. My mutual funds investment are for retirement purposes so I have all the time in the world.

I only lost money in gold so I would never advise that for anyone. Of course for me it is different because I take a double risk (gold price in itself and USD vs EUR currency risk).

It is important to ask yourself. Why am I saving this? Is it for retirement, or for buying a car in a few years or something else? The amound and timeframe will dictate what options are most feasible.

I have no faith in the dollar. The economy is going down the drain. I don’t want to put my money in the bank because the dollar is just going to depreciate. The only thing that seems to raise in value are gold and food. Is it too early to give up on the economy now and invest my money in things that have more value? What advice can you give me?

It all depends on how much cash you have and how long you can miss it for investment purposes.

I put about half of my money in mutual funds (tax friendly assets because I won’t have to pay estate tax over their value) and half in savings accounts (part of it tied up for 10 years to nail down a 4.25% interest rate). The reason I put some of my money in savings is I plan to buy a house in about 5 years and I do not want to have the risk of waiting for a down stocks market to rise again.

I trust stocks but you need to have the luxury of waiting for the right moment to cash in. My mutual funds investment are for retirement purposes so I have all the time in the world.

I only lost money in gold so I would never advise that for anyone. Of course for me it is different because I take a double risk (gold price in itself and USD vs EUR currency risk).

It is important to ask yourself. Why am I saving this? Is it for retirement, or for buying a car in a few years or something else? The amound and timeframe will dictate what options are most feasible.