5 Things You Can Do to Protect Your Assets Before You Get Sued
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- čas přidán 27. 07. 2024
- If someone obtains a judgment against you, he/she can pursue your personal assets to satisfy that judgment. This may include your savings, salary, personal property, jewelry, and even your house.
Lawsuits can come out of nowhere. You get distracted and rear-end the car in front of you. Your rotting tree falls and demolishes someone's Jaguar. Your dog bites the pizza delivery girl, ending her lucrative side job as a hand model. [Fill in the blank with more unexpected and costly misadventures].
To maximize the effectiveness of asset protection, you really need to get things rolling BEFORE you're named in a lawsuit. After a lawsuit has been filed-and especially after a judgment is entered-many conveyances of money or property are considered invalid and can be reversed by a court of law.
In this episode, I will explain five relatively simple steps you can take to protect your assets before you get sued:
Form an asset protection trust
Form a corporation or business entity
Learn and understand your state's real estate protection laws (e.g., homestead exemptions, types of title, etc.)
Increase retirement account contributions (employer-sponsored)
Remember that laws regarding liability and judgment enforcement are largely based on state law and are therefore different in every state. The concepts and principles discussed in this episode are not state-specific and may not apply in your jurisdiction. This episode is not a substitute for the advice and services of an attorney licensed in your state.
Some of those recommendations do not only apply to US, but to all countries in the world. This is clear and practical. Thx.
Thank you! Glad to hear you find the video helpful :)
Great video!!! 👍
Very well done.
Excellent video
How do you protect your stock portfolio from getting sued? As it also an asesst, but if you don't know that is fine. Do you know any?
Honestly, a personal umbrella policy of 1 million should help defend your assets you have to keep in a taxable account
no taco is worth personal liability? wait...
What if I am 21 and live with parents, can they lose their house or car if I am sued without LLC ?
What about an annuity? You can create one and those are supposed to be immune also from collecting under lawsuits etc
Great video. You deserve way more subscribers. I'm now one of them haha.
Look up Gene Kim
Can they take your Social Security check
Your Social Security Disability or your Social Security Supplemental Income can not be garnished. Make sure you don't comingle funds. Use a different bank if you have additional funds.
Listen up my fellow Mgtows
Amen! Good advice.
#1 advice should be "happy wife, happy life". The most common and dangerous creditor is your spouse, not the IRS. Even the rich guys can't protect their property from divorce.
how sad!
Look up on CZcams
Gene kim
Robert breaker
Chuck missler
This is AWFUL. He's basically saying that when you have damaged someone you should try to dodge paying any form of recompense. Unethical or what?! I notice that he's careful only to cite unfortunate accidents. What about those times when the debtor has blatantly and fraudulently stolen from the creditor? This video should be about how to ensure someone pays up, not helping unethical people AVOID paying!
stop crying
The law allows it. He's only revealing options available to everyone. Talk to your state representative if you don't like it. Or maybe should look into some kind of protection for yourself.
Insurance covers most of the issues that may arise.