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LLCs protect your personal assets from lawsuits filed against the business. If you operate a business that's registered as an LLC and damage is caused in the course of doing business, the impacted ...
Continue reading → The post How to Protect Your Assets From Lawsuits appeared first on SmartAsset Blog. As you build wealth, you increasingly become a target for lawsuits. Lawyers often see ...
Revocable trusts, otherwise known as "living trusts," do not protect your assets from creditors. In fact, they are subject to collections actions and lawsuits, and they are included when third ...
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax ...
Most asset protection trusts established by U.S. settlors are considered "grantor trusts" under U.S. income tax law, meaning that all income of the trust is reportable on the grantor's (i.e., the settlor's) individual income tax return. Asset-protection trusts do not, in and of themselves, offer any tax advantages under U.S. income tax law.
Such trusts are also called Domestic Asset Protection Trusts ("DAPT"), and sometimes informally called "Alaska trusts", as Alaska was a pioneer in allowing this kind of spendthrift trust. However, because of the danger of the misuse of Alaska trusts to defraud creditors, the legality of such trusts (to the extent that they purport to protect ...
Different asset classes mean you protect yourself in different phases of the economy, because there will be phases in the economy where stocks do bad and real estate does good.” 4. Own Real Estate
Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
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