How can i protect my savings from a lawsuit

Discussion in 'Economics' started by Bob111, Mar 26, 2010.

  1. Bob111


    just curious what are the options ror US resident?

    Thank you!
  2. Donate it to the Catholic church.
  3. Have no personal assets.
    You are an SSN attached to your corporate Name ID
    Your name in all caps is that corporate ID with it's SSN.
    If that ID has no assets ... no assets can be attached.

    Put all assets into a Family Living Trust or some other vehicle that
    holds your assets safe from attachment.

    That Trust becomes its own governing entity with governing rules and transfer rules and service rules.
  4. What does it cost to create a trust that's entrusted with trading capital?
  5. The biggest factor will be if the lawsuit occurs before or after these asset protection options. Courts and good lawyers can vanquish any type of asset protection if it is clear that you are attempting to hide assets after the fact.

    For an overview, go to Amazon and spend $100 on highly-rated asset protection books, then get a lawyer to do it correctly and give advice to your specific situation.
  6. pspr


    Buy gold and bury it. Your heirs will have fun trying to find it.

  7. Many people use companies (which they control) for their assets.
    You may be sued, but the company will not.

    Besides, the funds may be deemed necessary for the company to continue its business.
  8. Buy a million dollar umbrella insurance policy. Not expensive. I have one.
  9. But your ownership stake in the company can be liquidated and attached. No different from buying Amazon stock; if you have a judgement, they sell the stock and transfer the money to the plantiff.
  10. Best deal is to have a Family Living partnership/Trust
    It owns company ... company does IRA type [forget name of the IRA] think 46K per year.
    Company or Trust pays everything for you except TP and clothes.
    You make nothing, you own nothing.
    Company does life insurance on you ... special kind of policy where it is all cash ...
    like $500K ... you can use that cash and it is not attachable ... period. [not even by Aunt Iris]

    Heck ... maybe it should be an Amish furniture
    Company so you can be exempt from the healthcare scam.
    #10     Mar 26, 2010