Asset protection is how you keep your propertiesAssets are all material and intangible possessions of value that an accountant can list on your Balance Sheet at the end of the year each year. Now we come to the subject of how some bad people, trumps always want to separate you from your assets making it in their favor.Have you ever heard about this Murphy's Lows? "It is morally wrong to allow suckers to keep their money." or Murphy's golden rule: "Whoever has the gold makes the rules."When I heard them first time I took them as jokes. We all arrived candid in this world. By the time we get old we should become enlightened on how to protect against swindlers.In real life, the people in retirement as a group are the biggest target for swindlers according to AARP magazine.
Does this above statement protects better the retired? No, because the retired people take risks with their money when they should not. Living on fix income or the perspective of that, not the greed, is responsible for making them as a group a natural easy target. When somebody is promising 30% return on your money and you trust that person, because a good friend recommendation, you are an easy pray too. Today I gave up to good recommendations also. The greed, our greed is our number one enemy that sometimes shuts the light of rationality off. We end up making decisions based on emotions most of the time, but it should be different with our hard achieved assets. This is my point here.
Asset protection with one or multiple Limited Liability Companies?The U.S. is the most litigious nation in the world. The business assets need to be protected from you or your family and lawsuits related to the business. Some prefer to carry $1 million to $5 millions umbrella policy insurance. There are three basic considerations for determining the correct structure for your business:
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