Protect Assets Strategy » protect assets

I’m being sued. What is the best way to protect and make my assets untouchable?

admin — Thu, 26 Aug 2010 23:27:51 +0000

Someone has filed a baseless lawsuit against me. I will win; however, I am concerned about any assets being frozen. I do not own a house. I only own a car in full. How do I protect any cash savings? Is there anything else of value that is not safe?

Too late now. Any transfer could be undone by a court. If the suit is baseless you have nothing to worry about, right?

Forming an LLC as nurse practitioner would protect my personal assets in case of a lawsuit?

admin — Tue, 10 Aug 2010 03:21:37 +0000

In case a patient sues me someday, would the LLC protect my personal assets?

Malpractice insurance will protect you. You can alway be sued personally for your actions, and the LLC won’t help. You and the LLC would both be named in the suit.

Forming an LLC as nurse practitioner would protect my personal assets in case of a lawsuit?

admin — Tue, 10 Aug 2010 03:21:30 +0000

How can we protect our assets from the devastation the massive tax increses will cause?

admin — Thu, 29 Jul 2010 03:40:47 +0000

When the lowest tax rate goes up by 50% and all of those other taxes take effect. our economy will be devastated. I am just wondering how people will protect themselves from that.
When the tax cuts we have become used to expire, the very lowest rate (paid by the poorest taxpayers) will increase the most, because those are the ones Bush cut the most. They will go from 10% to 15%. For those of you that are challenged in math, that is a 50% increase on the lowest income taxpayers.

The best thing to do is petition Congress to extend the tax cuts.

How can we protect our assets from the devastation the massive tax increses will cause?

admin — Thu, 29 Jul 2010 03:40:37 +0000

Why do people who get married rarely have prenuptial agreements before marriage to protect their assets?

admin — Wed, 27 Jan 2010 15:46:56 +0000

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.

Why do people who get married rarely have prenuptial agreements before marriage to protect their assets?

admin — Wed, 27 Jan 2010 15:46:50 +0000

What does personal/business bankruptcy protect you from as far as whats under your name and assets?

admin — Sun, 17 Jan 2010 22:26:06 +0000

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.

In Florida, do annuities protect assets from creditors?

admin — Mon, 16 Nov 2009 12:21:52 +0000

Since annuities provide a periodic income, they do not offer protection from creditors. The creditors cannot take your annuity, but they can take your income if they have a judgement against you.

Does a Prenuptial agreement protect new assets gained during the marriage?

admin — Mon, 26 Oct 2009 06:23:51 +0000

A stupid hypothetical question:

If I own House A before the marriage and then buy House B with my own money during the marriage (as my income is vastly superior to hers). Does the prenup protect:

A) House A only
B) House A and B

Basically, I don’t want a skanky ass hoe taking something that is rightfully mine as she doesn’t make that much money.
Are there different prenup agreements.

Yes, there are different agreements, whether it’s pre or post marriage. You can pretty much put anything you want in one as long as you will both agree to it. If the time comes, seek legal advice. Laws vary state to state and drawing one up can be very technical.

It is possible to put future assets after marriage in the agreement but to call them "yours no matter what" there can not be even a hint of proof that your spouse contributed financially to its purchase. So when you buy your house, the loan is in your name only, you make the payment from your own account-not a joint account even if you are the major contributor to it. Same with bank accounts, if you transfer money from a joint account to one in your name only, legally the spouse could make a claim against your personal account. However, you can transfer money from a personal account to a joint account and only the joint account is consider a marital asset.