Posted on 06/27/2022 4:15:14 AM PDT by MtnClimber
With the Biden administration crippling the economy, it's time to start thinking about asset protection.
The U.S. economy is suffering. The war in Ukraine, the lingering pandemic, federal stimulus money, and low federal interest rates (until recently) have each taken their toll.
Now we’re experiencing the highest inflation rate since 1981, stock values are plummeting, and gas prices are hitting all-time highs of over $5 (some places are even adding an extra digit to pump meters in anticipation of $10 gas).
This is why it’s more important than ever for Americans to get a grip on their financial security. For all we know, we could be on the brink of another recession.
One way to boost your financial security is to guard the wealth you already have -- aka asset protection. Asset protection means protecting your property against lawsuits, bankruptcy, and creditor claims through legal means (not illegal means like concealment, contempt, fraudulent transfers, tax evasion, or bankruptcy fraud).
And since the poor have few assets and the wealthy are usually already familiar with asset protection, it is the middle class that most need to learn about asset protection strategies.
And the sooner you do, the better. Once a claim or liability occurs, it’s typically too late to implement asset protection strategies. Courts will view them as evasive, and you could get accused of engaging in “fraudulent transfers.”
So here are a few ways you can start protecting your assets today:
1. Create an asset protection trust
2. Leverage homestead laws
3. Jointly own property under tenants by entirety
4. Establish a family limited partnership
5. Use retirement accounts
6. Get insurance
(Excerpt) Read more at americanthinker.com ...
Some good points that people may want to consider.
Note that each point has an explanation that are all worth reading.
Why? I am just going to have to work until I die. The Brain Dead One ruined my plans. So why plan?
A million dollar umbrella liability policy costs me $34 month.
In some ways, the best asset protection you can have is DEBT. Never pay cash for assets with long life cycles. Nobody is going to bother suing you for your home if it is mortgaged to 95% of its value.
You must be young...
I also have an umbrella liability policy. You can get sued for so many crazy things these days.
No, but if you work and keep on working how is all of this planning going to make a difference? Inflation is about 10%, interest rates are going up, housing is about to crash, GD II is on the horizon and 401Ks are in decline. How do you plan yourself out of that?
Hardly
Guns and bullets. Only things worth investing in.
Prep for the dark days ahead. After the first round of nukes hit it’ll be every man for himself out there. No use saving anything I’d you can’t defend it.
$70 per month for $4 million umbrella at age 66.
Wouldn’t it just be easier to get rid of Biden?
That’s how I feel. They need us slaves to continue working propagating their giant ponzi scheme of a system
If you have teenagers, umbrella liability policies are harder to get and maintain. I should know.
I probably need to increase mine. I’m sure civil suit settlements are inflated like everything else. Definitely need to think about increasing the coverage on my home.
Invest in 3M security film for your sliding patio door. And have a professional install it.
These are strategies to protect your assets against a possible legal claim/judgment. They are not strategies to protect your assets from, or which will act as a hedge against, inflation or a downturn in the economy.
If you have assets, you should have enough insurance so that if you are sued, you are either fully covered or the person suing you will be willing to take payment of the limits of your insurance policy in settlement, and give up any claim against your personal assets.
Its also worth taking the few minutes to look at the law of your state to determine what assets you own are protected against being seized and sold to satisfy a judgment. Many states fully insulate some or all of the value of your home, your retirement funds, and sometimes other assets. So you may have less assets at risk than you think. But you have to know your state’s law on this subject.
“A million dollar umbrella liability policy costs me $34 month”
Can you offer up an insurance company name? I can’t get it in Kali. unless my auto and Homeowners is with the same company. At least according to Mercury ins.
In Kentucky, $32.91 month. Safeco 888 723 3260
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.