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Home > Services > Domestic Wealth Planning > Personal Residence Protection > LLCs or Trusts for Personal Property?
Personal property is especially vulnerable for creditor attack. Items like jewlrey, boats, sports equipment, cars, electronic equipment, antiques and art are all seizable by creditors and litigators. There is one sure way not to loose these posessions from a person's benefit; that way is through a trust. Many people ask, "How can I protect my personal property?"
A trust seperates ownership from beneficial enjoyment. Protection occurs with a simple theory, what you don't own cannot be taken from you. A trust splits the title of ownership from the beneficiary with a deed. It is also possible to create a trust that will pass assets from generation to generation and minimize estate taxes.
LLCs or Family LLCs are methods that ,also may be used. It is important to know that some methods allow attachment without the loss of the benefits. Understanding trusts and company entities will help a person make a decision as how to best protect their assets. Personal property and cash are among the easiest assets for a creditor or litigator to take.
There are property exemtions by state, but they are very minimal.
Whatever method you choose, a qualified expert should be consulted. If you need help with this process, please call us today.
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One attitude that cannot be tolerated in medicine is lack of care or apathy and physicians should exercise the same standard of care toward their accumulation of assets, property and wealth.
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Asset Protection Planning Part 3 concentrates on the protection of personal residence, business acco ...
Would you like to remove a dollar from your company, and even better, a tax deductable dollar and pu ...
Trustmakers Estate Tax planning provides advisor direction and guide information on protecting your estate.
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