I would like to get some advice concerning asset protection. Is an LLC the way to go if I see myself gaining more wealth in the furture. I would like to form a nevada llc since there is such protection. However, I live in California.
2006-12-03 10:39:58 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
tie some of your money in some moderate yield bonds; I think you can claim a loss for this and create a trust fund. Play some low risk stock market games. Also, land is always profitable if you plan to hold on to it for awhile. Im not sure if you have the money but i know my grandfather created a bullshit Company and incorporated it so that he could claim losses to minimize his taxes. He was paying in excess of 150 grand per year.
2006-12-03 10:49:00 · answer #1 · answered by roncho 4 · 0⤊ 2⤋
Dude it sounds like you are doing something a little shady, so I suggest you start by cleaning up that money. A landscaping service can do the trick, just don't have too many phony jobs or it will look suspicious.
You are going to need to get a job if you are qualified for something that pays well. Renting is no way to go as it only makes money for others and leaves you with nothing in the end. This way you can actually buy a house, and it makes it much easier to clean up that money.
What are you trying to protect against? If your money is legal, talk to a lawyer who works with corporations. An LLC will limit the amount that your company can be sued for. Also you can keep the majority of your assets in the LLC so if someone sues you personally they can't get the money. LLCs may be the way to go BUT talk to a lawyer first! There are different tax advantages for different corporations, such as the S corporation pays less income tax I believe...
2006-12-03 19:21:51 · answer #2 · answered by Jesus Pleaseus 2 · 0⤊ 0⤋
It depends on what you're trying to protect against.
If you are in some sort of dangerous business and you are afraid one of your customers or employees could sue you, an LLC or Corporation is the way to go.
But if you're just worried you could be sued for no good reason (perhaps a frivolous lawsuit by a scamster who knows you have money), then call your insurance agent and ask for an "Umbrella Liability Policy". Put some of your cash into investment grade art & jewelry and never show it off. Don't bother with complex schemes that leave a huge paper trail.
2006-12-03 19:11:38 · answer #3 · answered by alex 2 · 0⤊ 0⤋
from the way you say everything, i can tell that you are careful..and a bit scared to spend...however.....saving without any investing doesnt do much because once you stop making money...that 580k wont look like much....say....9 years later..etc etc....But, you need some low risk but high profits investments.....these require alot of strategy...might require a buying and selling coin book that i wrote...OR....you can try opening a small business which costs very little....and can operate on a 1 or 2 person staff....but....theres one thing you should never do....never sit around thinking that this money would take care of you for the rest of your retirement.....at least own something....a house or a business...etc etc...cars are bad assets because they go down in value...on the other hand....other assets go up/down...like houses, coins, precious metals, stocks, paintings, antiques...etc etc....you ask a financial strategist about graphs showing the investments on all of those that i just mentioned, and invest in the one that best suits you...
2006-12-03 19:25:37 · answer #4 · answered by frankysnewcolorpainting 2 · 0⤊ 0⤋
You can go to a lawyer who will set it all up for you for your specific circumstances. Lawyers do asset protection all the time. I would not recommend trying to do this yourself, as invariably you will leave a legal loophole that can be used against you.
2006-12-04 19:23:24 · answer #5 · answered by Jason H 2 · 1⤊ 0⤋
Protection from what? Lawsuits? Community property laws?
Robbers?
Suggest a safe deposit box if it is in a drawer in your rented home and a Smith & Wesson. See a lawyer and a financial planner for advice. You'll have less assets to protect if they help you.
2006-12-03 18:54:28 · answer #6 · answered by Gone Golfing 2 · 1⤊ 2⤋
Are you completely out of debt? If not then I would pay off everythin. also, do you want to continue renting or buy a house? If you want to buy a house, then pay cash for it. Check out www.daveyramsey.com. He has a book called total money make over that deals with personal finances. He also has a radio/call in show M-F 1-4 CST. Hopes this helps.
2006-12-03 18:48:18 · answer #7 · answered by Anonymous · 0⤊ 3⤋
Invest it in an IRA or growth stock... It has a 70 yr average return of 12% (obviously don't put all your eggs into one basket, what ever stock you choose)...
2006-12-03 18:43:04 · answer #8 · answered by ? 2 · 0⤊ 2⤋
Why are you looking here rather than calling a financial planner?
2006-12-03 18:44:34 · answer #9 · answered by honey 4 · 1⤊ 2⤋