Personal Asset Protection

Hurr-Durr

Hurr-Durr

Hurr-Durr.com <-OBEY
Aug 18, 2010
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I was just thinking about this - most of us who are too busy running our business, we rarely think about an extremely unlikely, but still possible - adverse event that could wipe out our wealth just because we forgot to secure our assets properly. Most of us use LLC's and Corps to protect our personal assets from business litigation.

But if someone slips and falls on your property and God forbid they are significantly injured - you're PERSONALLY on the hook for medical bills, lost wages, other expenses which can run into the hundreds of thousands. :338:

We take out health insurance and car insurance because it's legally required for all, but we rarely hear about Umbrella Insurance or strategies to protect our assets above and beyond the amount that is covered by run-of-the-mill basic insurance. Granted, Umbrella Insurance is only for those that have 6 figures and higher in net worth.

Any tips regarding PERSONAL asset protection for the risk averse who'd like to plan before disaster strikes?
 


Serious question deserves a serious answer. @ Paper_Chase, their heirs and assigns are every bit as dangerous, mate.

Start with a decent umbrella- it's cheaper than you think, rule of thumb is 1K premium for every Million in coverage.

Then, get with a good estate planning attorney and investigate trusts and gen skipping asset allocation schemes, both for protection and tax.

Or do like I did years ago- Look into buying Swiss annuities through an offshore bank and keep it entirely out of reach of the vultures. Still gotta pay your taxes, but it's very difficult to force repatriation in a civil action if you've got it set up correctly ;-)
 
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Paper_Chase said:
They can't sue you if they're dead. Just sayin'...
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If only it were that easy...The claim just passes onto the dead person's estate. If you are loaded, you can bet they will come after you.

galacon said:
Serious question deserves a serious answer. @ Paper_Chase, their heirs and assigns are every bit as dangerous, mate.

Start with a decent umbrella- it's cheaper than you think, rule of thumb is 1K premium for every Million in coverage.

Then, get with a good estate planning attorney and investigate trusts and gen skipping asset allocation schemes, both for protection and tax.

Or do like I did years ago- Look into buying Swiss annuities through an offshore bank and keep it entirely out of reach of the vultures. Still gotta pay your taxes, but it's very difficult to force repatriation in a civil action if you've got it set up correctly ;-)
Click to expand...

Whoa! Thanks for the detailed answer.

-I'm considering GEICO for umbrella (does the company matter, as long as the price is competitive?)

-I'm going to look into Swiss annuities...from what I read, it may be exactly what I'm looking for - "Swiss annuities can be used in offshore tax planning and are not subject to the usual tax and bankruptcy reporting requirements."

-Again, any specific company you'd recommend for Swiss annuity?

I specifically started this thread before I meet my attorney just so I know what to talk about, ask the right questions, etc...

Thanks again! +rep

igl00 said:
simples way:
1. get offshore company
2. get offshroe bank acc in other country
3. get ATM card

enjoy.
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Hmm? Not sure if serious...if you have millions of dollars invested in USA how can do that? I'm not talking about "hiding" assets, just about "protecting" them.
 
Hurr-Durr said:
If only it were that easy...The claim just passes onto the dead person's estate. If you are loaded, you can bet they will come after you.



Whoa! Thanks for the detailed answer.

-I'm considering GEICO for umbrella (does the company matter, as long as the price is competitive?)

-I'm going to look into Swiss annuities...from what I read, it may be exactly what I'm looking for - "Swiss annuities can be used in offshore tax planning and are not subject to the usual tax and bankruptcy reporting requirements."

-Again, any specific company you'd recommend for Swiss annuity?

I specifically started this thread before I meet my attorney just so I know what to talk about, ask the right questions, etc...

Thanks again! +rep



Hmm? Not sure if serious...if you have millions of dollars invested in USA how can do that? I'm not talking about "hiding" assets, just about "protecting" them.
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Any A+ or better rated insurance co is fine- get quotes from Esurance as well- they are an Allstate brand now and have some killer prices and kick-ass CS. Got most of my shit with them.

I did my variable annys through Bank of Austria, but the rules have changed a bit now and accounts there aren't as easy to get- you can open an account at most Swiss banks and buy direct through them though. Your lawyer should have some angles if he/she is an asset protection pro. Make sure they understand the field though!

HTH, & good luck.
 
galacon said:
Serious question deserves a serious answer. @ Paper_Chase, their heirs and assigns are every bit as dangerous, mate.

Start with a decent umbrella- it's cheaper than you think, rule of thumb is 1K premium for every Million in coverage.
Click to expand...

Even for a commercial umbrella that seems way out of control for most small (1-5 employees) low risk business. A personal umbrella can still come into play if you're personally sued along with a "corporate" suit.

If you have your homeowner/renters insurance and car insurance is w/ the same company, a personal umbrella shouldn't be more than a couple hundred bucks. Keep in mind the more you have the more it costs. Things like extra cars, boats, atv's, business, ect can and will add to the premium.
 
Assets owned by a Panama Company owned by a Panama Private Interest Foundation which you are the beneficiary of. Just make sure you pay your tax regardless to Uncle Sam and your all good.

Damn difficult to sue your way down the chain in offshore jurisdicitions...esp considering the privacy provisions.
 
Hurr-Durr said:
Hmm? Not sure if serious...if you have millions of dollars invested in USA how can do that? I'm not talking about "hiding" assets, just about "protecting" them.
Click to expand...

im serious, but if u have them alreayd invested then all u can do is hide them by offshore company [panama is good for usa] in umberella tier way.
still money invested in us, can always be stolen by us gov ;)
 
OP, ive had umbrella for the exact reasons you mentioned.

I paid roughly $500 a year for $1MM in coverage. Having this coverage reduced my homeowners and car insurance and more then paid for itself in that regard alone.

Besides that, you can put your home into a Trust. however that has some drawbacks that might not be an issue for you.
 
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