Protect Assets Strategy

I have a foreclosure coming up soon in new jersey and i was wondering if setting up an limited liability company would be a smart move to protect cash monies. i live in florida so they cant touch my house here and as head of household they cant garnish my wages. i would like to put all my money into a bank account under my LLC.does anybody have knowledge of this kind of asset protection.

If the LLC is set-up for a legitimate business that yes it is a good idea. If you are setting it up as a way of hiding money with no legitimate reason for the LLC other that to stash assets, then your LLC is pretty worthless. You must prove that those assets are for business purposes.

I have a foreclosure coming up soon in new jersey and i was wondering if setting up an limited liability company would be a smart move to protect cash monies. i live in florida so they cant touch my house here and as head of household they cant garnish my wages. i would like to put all my money into a bank account under my LLC.does anybody have knowledge of this kind of asset protection.

If the LLC is set-up for a legitimate business that yes it is a good idea. If you are setting it up as a way of hiding money with no legitimate reason for the LLC other that to stash assets, then your LLC is pretty worthless. You must prove that those assets are for business purposes.

Do people incorporate a start up business to protect their assets from their relatives and/or former spouses? This idea has crossed my mind, even though I really don’t have anything more to incorporate than a domain name.

Is this a good or bad idea? Is it different than asset management?

That’s a great idea. Incorporate, put all of your assets into the corporation, and no one can ever claim it because it’s protected by the corporation.

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.

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.

I’m in grade 12 and have been accepted to dalhousie university and university of new brunswick for the bachelor of science. but it feels weird to be going to university and not know what you want to do with your life. first i thought of cop, but not enough money, then i thought of cosmetic surgeon, not enough action, then paramedic, but once again, not enough money, bodyguard, not enough money, and so on. what are some careers that have high wages and have what im looking for?

If you are qualified, I would become a medical doctor and go into general surgery or orthopedic surgery. It would be challenging and the pay is very good. If you want more action, try a major in accounting and/or economics and join the CIA or the FBI. The pay and benefits are good and the work can be very exciting. There are also many positions available provided you qualify.

I am currently in a situation and need advice on what I need to do in order to protect my investments, my bank accounts and my property. I was recently summoned to take a DNA test for some woman that I do not remember. Apparently she claims that I am the father of her child and wants me to assume responsibility. I was advised by my lawyer that I must submit to the DNA test and that if its proven mine, then we can weigh my options at getting out of it. This alleged encounter happened over 10 years ago and she is barely coming for me now. I wanted to know if I can protect my assets and property from being picked apart by this parasite, if I change the property over to my best friends name. I would still retain ownership,and would pay my best friend a monthly fee to administer the assets, but she would not have access to them because they are not in my name. Legally would it work, and will she be unable to touch them.
3 minutes ago – 3 days left to answer.

So…10 years ago, you were spraying your essence around, & don’t remember. Now, she is a parasite, because you don’t remember all your encounters. Why don’t you wait till you find out. You may be responsible.
This is a good lesson to keep it in your pants!

I have invested a lot of money in my business (Corporation) for a building, inventory, vehicles etc. I own 100% of the business. Are these assets protected or can they be attached in the event of personal bankruptsy?

I’m not so sure from a personal side, but I know from the corporate side that in bankruptcy the law can determine that the corporation is a "disregarded entity", which means it doesn’t recognize that the corporation and the person are different and can come after your personal assets.

In such a situation, with you having 100% of the ownership, I believe to some level they will be able to attack the assets of the corporation, depending on the amount and nature of the liabilities you owe. This is especially true if you are seen to be putting assets into the corporation in order to avoid them being attacked in a personal bankruptcy.

If there was greater separation of activities and additional owners involved with the corporation you would have better chances of safeguarding the corporate assets. But as you are the 100% owner of the corporation, I believe the courts would determine that the corporation ownership is an asset and use that as basis of extending the bankruptcy attachment to these assets as well.

So long answer to say yes the corporate assets can be attached in a personal bankruptcy.