Protect Assets Strategy

I would like to protect my personal assets and home from a potential judgment stemming from a lawsuit. As such, I set-up two LLC’s, one for my personal assets and one for my home. In the opinion of the viewers, am I protected enough from creditors? If not, would strategies would be recommended?

You are not protected AT ALL from a judgment. The "alter-ego" theory would pierce your LLCs faster than you can blink an eye.

Here’s what you do (and it costs the same or less than those stupid LLCs). BUY PERSONAL UMBRELLA INSURANCE with limits of $5 million.

BUY PROFESSIONAL LIABILITY INSURANCE for your business (if you have one) with limits of $5 million.

If that isn’t sufficient, then you’re screwed.

Alternatively, if you want to really make things difficult for creditors, then place your non-exempt assets into an irrevocable trust. Then, it’s beyond anyone’s reach (including your own).

I would like to protect my personal assets and home from a potential judgment stemming from a lawsuit. As such, I set-up two LLC’s, one for my personal assets and one for my home. In the opinion of the viewers, am I protected enough from creditors? If not, would strategies would be recommended?

You are not protected AT ALL from a judgment. The "alter-ego" theory would pierce your LLCs faster than you can blink an eye.

Here’s what you do (and it costs the same or less than those stupid LLCs). BUY PERSONAL UMBRELLA INSURANCE with limits of $5 million.

BUY PROFESSIONAL LIABILITY INSURANCE for your business (if you have one) with limits of $5 million.

If that isn’t sufficient, then you’re screwed.

Alternatively, if you want to really make things difficult for creditors, then place your non-exempt assets into an irrevocable trust. Then, it’s beyond anyone’s reach (including your own).

Here is his strategy:
a. He enticed charities, which are organizations, who would be less hostile if he were exposed, unlike individual investors who lost their all in all, who would be outraged to violence. To fortify his concealed fraud and theft, he got into the directorate of the particular charity, or one of his family did, so that if anything was brought up, he’d get ear of it and either silence it or cover it up specially.
b. To create the appearance of exclusivity and class, so that whatever invester was accepted, would be grateful and less likely to look deep down.

c. He’d screen carefully every person who wanted to place funds with him – To investigate the specific investor – He’d hire investigators to go into every detail of the potential investor’s business activity, credit background, marital involvements etc and if there were indications of tax fraud or divorce fraud, he’d take them in as investors. He wanted to see if the applicant’s financial activities were such that the money he was giving to Madoff was concealed tax fraud, that plenty of monied people have, and they seek places where the monies can remain concealed in a larger fund composed of many investors. Madoff knew that if the fraud ever was found out, these investors with shady assets that the IRS would immediately check into if these persons names surfaced as persons with claims against Madoff, then these people would just go away and take their loss rather than face criminal or civil charges by the IRS. so Madoff had a ready made gag over the mouths of many, many individual investors who he ripped off, knowing they would never open their mouths to regulators to protect themselves.
And as for the alleged “innocence” of his two sons. They knew plenty about it. Madoff didn’t want their lives destroyed by his evil, so it was agreed that when the matter was about to bust out, the sons would play the role of heroes unveiling Madoff so they would avoid prosecution.
Real nice family, isn’t it?

So he is a crook, so what? Personally, I think Bill Gates is a bigger one.

Here is his strategy:
a. He enticed charities, which are organizations, who would be less hostile if he were exposed, unlike individual investors who lost their all in all, who would be outraged to violence. To fortify his concealed fraud and theft, he got into the directorate of the particular charity, or one of his family did, so that if anything was brought up, he’d get ear of it and either silence it or cover it up specially.
b. To create the appearance of exclusivity and class, so that whatever invester was accepted, would be grateful and less likely to look deep down.

c. He’d screen carefully every person who wanted to place funds with him – To investigate the specific investor – He’d hire investigators to go into every detail of the potential investor’s business activity, credit background, marital involvements etc and if there were indications of tax fraud or divorce fraud, he’d take them in as investors. He wanted to see if the applicant’s financial activities were such that the money he was giving to Madoff was concealed tax fraud, that plenty of monied people have, and they seek places where the monies can remain concealed in a larger fund composed of many investors. Madoff knew that if the fraud ever was found out, these investors with shady assets that the IRS would immediately check into if these persons names surfaced as persons with claims against Madoff, then these people would just go away and take their loss rather than face criminal or civil charges by the IRS. so Madoff had a ready made gag over the mouths of many, many individual investors who he ripped off, knowing they would never open their mouths to regulators to protect themselves.
And as for the alleged “innocence” of his two sons. They knew plenty about it. Madoff didn’t want their lives destroyed by his evil, so it was agreed that when the matter was about to bust out, the sons would play the role of heroes unveiling Madoff so they would avoid prosecution.
Real nice family, isn’t it?

So he is a crook, so what? Personally, I think Bill Gates is a bigger one.

Here is his strategy:
a. He enticed charities, which are organizations, who would be less hostile if he were exposed, unlike individual investors who lost their all in all, who would be outraged to violence. To fortify his concealed fraud and theft, he got into the directorate of the particular charity, or one of his family did, so that if anything was brought up, he’d get ear of it and either silence it or cover it up specially.
b. To create the appearance of exclusivity and class, he was very selective of the investors who wanted to give him money, rejecting certain ones, so that whatever invester was accepted, would be grateful and less likely to look deep down.

c. He’d screen carefully every person who wanted to place funds with him – To investigate the specific investor – He’d hire investigators to go into every detail of the potential investor’s business activity, credit background, marital involvements etc and if there were indications of tax fraud or divorce fraud, he’d take them in as investors. He wanted to see if the applicant’s financial activities were such that the money he was giving to Madoff was concealed tax fraud, that plenty of monied people have, and they seek places where the monies can remain concealed in a larger fund composed of many investors. Madoff knew that if the fraud ever was found out, these investors with shady assets that the IRS would immediately check into if these persons names surfaced as persons with claims against Madoff, then these people would just go away and take their loss rather than face criminal or civil charges by the IRS. so Madoff had a ready made gag over the mouths of many, many individual investors who he ripped off, knowing they would never open their mouths to regulators to protect themselves.
And as for the alleged “innocence” of his two sons. They knew plenty about it. Madoff didn’t want their lives destroyed by his evil, so it was agreed that when the matter was about to bust out, the sons would play the role of heroes unveiling Madoff so they would avoid prosecution.
Real nice family, isn’t it?

After Ronald Reagan took office, greed became respectable again in America, and it hasn’t stopped being so since then.

And it’ll get worse.

Here is his strategy:
a. He enticed charities, which are organizations, who would be less hostile if he were exposed, unlike individual investors who lost their all in all, who would be outraged to violence. To fortify his concealed fraud and theft, he got into the directorate of the particular charity, or one of his family did, so that if anything was brought up, he’d get ear of it and either silence it or cover it up specially.
b. To create the appearance of exclusivity and class, he was very selective of the investors who wanted to give him money, rejecting certain ones, so that whatever invester was accepted, would be grateful and less likely to look deep down.

c. He’d screen carefully every person who wanted to place funds with him – To investigate the specific investor – He’d hire investigators to go into every detail of the potential investor’s business activity, credit background, marital involvements etc and if there were indications of tax fraud or divorce fraud, he’d take them in as investors. He wanted to see if the applicant’s financial activities were such that the money he was giving to Madoff was concealed tax fraud, that plenty of monied people have, and they seek places where the monies can remain concealed in a larger fund composed of many investors. Madoff knew that if the fraud ever was found out, these investors with shady assets that the IRS would immediately check into if these persons names surfaced as persons with claims against Madoff, then these people would just go away and take their loss rather than face criminal or civil charges by the IRS. so Madoff had a ready made gag over the mouths of many, many individual investors who he ripped off, knowing they would never open their mouths to regulators to protect themselves.
And as for the alleged “innocence” of his two sons. They knew plenty about it. Madoff didn’t want their lives destroyed by his evil, so it was agreed that when the matter was about to bust out, the sons would play the role of heroes unveiling Madoff so they would avoid prosecution.
Real nice family, isn’t it?

After Ronald Reagan took office, greed became respectable again in America, and it hasn’t stopped being so since then.

And it’ll get worse.

Which of the proivisions included in Comprehensive Immigration Reform for America’s Security and Prosperity (CIR ASAP) Act do you find most important? and why?

http://lawprofessors.typepad.com/immigration/2009/12/luis-gutierrez-comprehensive-immigration-reform-bill-summary.html
TITLE I – BORDER SECURITY, DETENTION, AND ENFORCEMENT

a. Protecting Our Borders: This subtitle protects United States border cities and communities from violence and crime along the U.S.-Mexico border by: Creating a Southern Border Security Task Force that is composed of federal, state, and local law enforcement officers etc….

b. Effective Enforcement: Subtitle A achieves effective enforcement by improving personnel, assets and technology. This section: Supports additional training, oversight and evaluation for agents who are the first face of America at the borders etc….

c. Securing Ports of Entry – this section: Improves infrastructure and recalibrates resources and training to allow for more effective screening of commercial goods and individuals so as to minimize threats to national security at ports of entry

d. Combating Criminal Activity: This subtitle recognizes the role of state law enforcement at the border in combating criminal activity by creating border relief grant programs for Northern and Southern border state, local and tribal law enforcement entities. This section: Enables better training and technical assistance for state and local partners that deals with narcotics-related kidnapping, drug trafficking and the interdiction of weapons and currency

e. Improving Partnerships: The importance of border communities as partners and allies are recognized as key in achieving effective enforcement by prioritizing community consultation in developing enforcement policies, border protection strategies and training.

f. Combating Human Trafficking: Subtitle A requires the development and implementation of a plan to improve coordination amongst federal and state partners to address human smuggling and migrant deaths.

All of them are equally important.

I’m glad you asked this question because some people think that CIR is only about granting citizenship.

Immigration Reform is desperately needed now.

Which of the proivisions included in Comprehensive Immigration Reform for America’s Security and Prosperity (CIR ASAP) Act do you find most important? and why?

http://lawprofessors.typepad.com/immigration/2009/12/luis-gutierrez-comprehensive-immigration-reform-bill-summary.html
TITLE I – BORDER SECURITY, DETENTION, AND ENFORCEMENT

a. Protecting Our Borders: This subtitle protects United States border cities and communities from violence and crime along the U.S.-Mexico border by: Creating a Southern Border Security Task Force that is composed of federal, state, and local law enforcement officers etc….

b. Effective Enforcement: Subtitle A achieves effective enforcement by improving personnel, assets and technology. This section: Supports additional training, oversight and evaluation for agents who are the first face of America at the borders etc….

c. Securing Ports of Entry – this section: Improves infrastructure and recalibrates resources and training to allow for more effective screening of commercial goods and individuals so as to minimize threats to national security at ports of entry

d. Combating Criminal Activity: This subtitle recognizes the role of state law enforcement at the border in combating criminal activity by creating border relief grant programs for Northern and Southern border state, local and tribal law enforcement entities. This section: Enables better training and technical assistance for state and local partners that deals with narcotics-related kidnapping, drug trafficking and the interdiction of weapons and currency

e. Improving Partnerships: The importance of border communities as partners and allies are recognized as key in achieving effective enforcement by prioritizing community consultation in developing enforcement policies, border protection strategies and training.

f. Combating Human Trafficking: Subtitle A requires the development and implementation of a plan to improve coordination amongst federal and state partners to address human smuggling and migrant deaths.

All of them are equally important.

I’m glad you asked this question because some people think that CIR is only about granting citizenship.

Immigration Reform is desperately needed now.

If so, is there any part of Border Security & Enforcement that they do not like?
Please keep to these topics Thanks!

TITLE I – BORDER SECURITY, DETENTION, AND ENFORCEMENT

Subtitle A – Border Security:
Subtitle A of Title I assembles a vision of effective and accountable enforcement for the 21st century through maximizing border security by requiring the Secretary of Homeland Security to form a national strategy that is consistent with the progress already made.

Protecting Our Borders: This subtitle protects United States border cities and communities from violence and crime along the U.S.-Mexico border.

Effective Enforcement: Subtitle A achieves effective enforcement by improving personnel, assets and technology.

Securing Ports of Entry: Our nation’s ports of entry are modernized for our economic benefit and security by conducting a study of the infrastructure and operations to identify necessary improvements and projects to enhance border security and the flow of legitimate commerce and travel.

Combating Criminal Activity: This subtitle recognizes the role of state law enforcement at the border in combating criminal activity by creating border relief grant programs for Northern and Southern border state, local and tribal law enforcement entities.

Improving Partnerships: The importance of border communities as partners and allies are recognized as key in achieving effective enforcement by prioritizing community consultation in developing enforcement policies, border protection strategies and training.

Combating Human Trafficking: Subtitle A requires the development and implementation of a plan to improve coordination amongst federal and state partners to address human smuggling and migrant deaths.
http://lawprofessors.typepad.com/immigration/2009/12/luis-gutierrez-comprehensive-immigration-reform-bill-summary.html

This is new to them. They don’t even know what’s in the bill. All they know is that it’ll make Obama looks good, and that’s the last thing they want.

If so, is there any part of Border Security & Enforcement that they do not like?
Please keep to these topics Thanks!

TITLE I – BORDER SECURITY, DETENTION, AND ENFORCEMENT

Subtitle A – Border Security:
Subtitle A of Title I assembles a vision of effective and accountable enforcement for the 21st century through maximizing border security by requiring the Secretary of Homeland Security to form a national strategy that is consistent with the progress already made.

Protecting Our Borders: This subtitle protects United States border cities and communities from violence and crime along the U.S.-Mexico border.

Effective Enforcement: Subtitle A achieves effective enforcement by improving personnel, assets and technology.

Securing Ports of Entry: Our nation’s ports of entry are modernized for our economic benefit and security by conducting a study of the infrastructure and operations to identify necessary improvements and projects to enhance border security and the flow of legitimate commerce and travel.

Combating Criminal Activity: This subtitle recognizes the role of state law enforcement at the border in combating criminal activity by creating border relief grant programs for Northern and Southern border state, local and tribal law enforcement entities.

Improving Partnerships: The importance of border communities as partners and allies are recognized as key in achieving effective enforcement by prioritizing community consultation in developing enforcement policies, border protection strategies and training.

Combating Human Trafficking: Subtitle A requires the development and implementation of a plan to improve coordination amongst federal and state partners to address human smuggling and migrant deaths.
http://lawprofessors.typepad.com/immigration/2009/12/luis-gutierrez-comprehensive-immigration-reform-bill-summary.html

This is new to them. They don’t even know what’s in the bill. All they know is that it’ll make Obama looks good, and that’s the last thing they want.