[Marie]

Assume the house is paid for, no car loans, IRAs are maxed out and they have a 1M personal liability umbrella policy. Also, assume the taxable account will be invested in stocks and they are not interested in owning rental properties.

Thanks.

[Colleen]

Annuities. Iul etc are protected. And layering with a trust to hold properties.

[Chad]

Anderson Advisors in Nevada will set you up perfectly.

[Jose]

Get as much umbrella insurance as you can afford.

[Joel]

RE: LLCs.

If you are sued personally, no corporate structure (like an LLC) will protect you assets from seizure, assuming you lose, the loss excceds your Umbrella limits and your state doesn’t set asset limits (exemptions) on garnishment orders. If you place your assets behind an LLC or revocable trust the court will simply order seizure of the LLC or trust and/or their assets.

Of course, I suppose you could lock it up in an annuity contract. But those payments could be garnished up to a point. Also, if the contract has not been annuitized and has a cash value or redemption value, the court will simply order the contract be redeemed. … So not a great option there either.

Have you seen: Any tips on “cost basis methods” when withdrawing from taxable accounts?

[Jane]

Consult a wealth protection company. Several of them are lawyers.

I attended a couple free online workshops related to wealth protection; very informative and insightful.

I got to do something to protect mine, too.

[Anita]

I have a dear friend who became wealthy. She said she & her husband had learned the hard way never do anything without having it go thru the LLC.

So, I’d keep my savings, but here on in, anything where you could get sued, conduct that business through an LLC.

Even settling out of court on a ridiculous claim is expensive.

Just because the law says it’s on your side in a matter doesn’t prevent you from spending a lot of money with lawyers.

So, the only way out of the matter is to write a check.

So, get an LLC. You are only a stockholder in the LLC.

And, have a personal umbrella policy to protect yourself personally.

Consider browsing: Moving from Transamerica to Vanguard – But I have a question

[Alex]

A combination of LLCs, trusts, insurance etc
Speak to an asset protection atty

[McBride]

Lots of complexity here. I would say talk to an asset protection lawyer in your state.

Basically, different structures can be set-up. In general, more complex gives you more protection but at higher cost.

There’s videos on it on my YouTube channel and others.

[Robert]

Move to Texas – best state for legislated protections.

Homestead your home (that includes one car per household driver, all household goods, tools of your trades.)

Bank and investment accounts funded solely by pensions or Social Security are protected.

Pensions, tax-deferred investment accounts, annuities – fully protected.

Create LLC’s for the rest – fully protected.

Transfer LLC contents to off-shore accounts. Fully protected.

[Author]

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