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Old 12-02-2015, 02:02 PM
 
Location: Stuck on the East Coast, hoping to head West
3,785 posts, read 9,228,757 times
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I'm definitely planning on seeking legal counsel; however, I always like to do research on my own so.....

Does anyone have any favorite resources (online, books, whatever) for asset protection? Specifically from medical expenses?
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Old 12-02-2015, 07:30 PM
 
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The state you live in probably is the best place to start. Some states are very good, some aren't. If you are concerned, you might want to seriously consider relocating.
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Old 12-03-2015, 11:04 AM
 
Location: Stuck on the East Coast, hoping to head West
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Thanks. Yeah, relocating is definitely part of my plan. I think I'm in the midst of information overload at this point.
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Old 12-05-2015, 11:31 PM
 
95 posts, read 114,482 times
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Quote:
Originally Posted by bande1102 View Post
Thanks. Yeah, relocating is definitely part of my plan. I think I'm in the midst of information overload at this point.
nolo.com is a good resource to read up on so you have some knowledge before discussing w an attorney.

I'm also thinking of establishing permanent residency elsewhere in a favorable state- likely Nevada for their strong homestead and business protection laws. Part of the year I'm spending in CA but due to their taxes and low homestead protection laws, I probably won't move there as my main residency until I have enough money to put into irrevocable trusts for protection.

Interested to hear what states you are thinking of establishing residency?

Last edited by dgermaine; 12-05-2015 at 11:31 PM.. Reason: spelling
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Old 12-06-2015, 02:06 AM
 
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Quote:
Originally Posted by dgermaine View Post
nolo.com is a good resource to read up on so you have some knowledge before discussing w an attorney.

I'm also thinking of establishing permanent residency elsewhere in a favorable state- likely Nevada for their strong homestead and business protection laws. Part of the year I'm spending in CA but due to their taxes and low homestead protection laws, I probably won't move there as my main residency until I have enough money to put into irrevocable trusts for protection.

Interested to hear what states you are thinking of establishing residency?
I'm no expert: however, I've read a bit about the matter. My understanding is that Wyoming and NM also have strong business protections. There must be something in the water in those Western states, lol!
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Old 12-06-2015, 01:35 PM
 
Location: Stuck on the East Coast, hoping to head West
3,785 posts, read 9,228,757 times
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Thanks. I'm currently reading Asset Protection: Concepts and Strategies and I've been reading a lot on rjmintz.com website. He's an asset protection lawyer who has a lot of information available.
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Old 02-15-2019, 01:01 PM
 
497 posts, read 414,535 times
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What do lawyers charge for asset protection trusts
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Old 02-15-2019, 01:43 PM
 
Location: Florida
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You will probably have to set up an irrevocable trust. When you move assets into the trust you will probably not get a step up in basis and you maybe making gifts. Point is consider tax effects of what ever you do.

Annuities may give you a floor (basic expenses) of protection without the trust.

Trusts can pay higher income taxes than if assets were just in your name so check on annual state and federal taxes you will pay.

How will you support yourself? Not sure if you can set up an irrevocable trust and also be its beneficiary.
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Old 02-15-2019, 01:45 PM
 
Location: Aurora Denveralis
8,561 posts, read 3,001,676 times
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Quote:
Originally Posted by dgermaine View Post
...Nevada for their strong homestead and business protection laws.
Quote:
Originally Posted by jane_sm1th73 View Post
...Wyoming and NM also have strong business protections. There must be something in the water in those Western states, lol!
No, the water's fine. The general lack of population because of the general lack of economic opportunity and corresponding low QOL are what drive such "advantages."

California, which was mentioned as if having horns, doesn't have to kiss and woo and coddle every potential citizen like a failing theme park.
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