Discussion in 'Chit Chat' started by a529612, May 18, 2007.
How do you "hedge" against these "tail risks"?
My suggestion is to explore instruments with a knowledgeable life insurance agent. Some policies may be exempt from lawsuits. I'm not sure about community property laws, divorce, but there probably are viable options available in life insurance industry also.
Stay poor ..
the voice of experience
Keep assets in the name of family members who won't abandon you in times of crisis.
That's a needle in a haystack. You don't need a crisis for a family member to sell you out after you transferred all assets to his/her name.
How about you "incorporate" all your assets, so you own nothing but control everything?
Appear to be poor, avoid excess, and always be humble / Living trust.
My wife's brother in law was just declared incompetent and his two children are fighting over his assets while he rots in an Alzheimer ward.
It all started when he got a DUI and lost his license to drive.
So for starters, don't drink and drive if you want to stay out of trouble.
Appear to be poor, avoid excess, and always be humble, avoid drinking and driving. WTF, everyday? Do we get time off for good behaviour?
What's a guy supposed to do? Frivolous lawsuits? Women? C'mon,these people have lives too. :eek: (sarcasm)
Can't shield your assets to family members, bunch of black sheep mofo's, trying to get your assets, yikes they are at the front of the line.
Maybe the answer is to hang out/work for people who have more money than you, cause then you ain't worth the trouble of getting sued.
Depending on what you need to protect you'll need to consult qualified estate planning professionals - a good insurance agent, a good estate lawyer and a CPA. Your 'team' needs to meet together and put plans in place that make sense on all fronts.
The simplest way is just get a large insurance policy with umbrella coverage. It's easy to get and requires the least amount of work. Not necessarily a fix all, but can be done quickly and easily.
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