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  • #16
    Originally posted by CordMcNally View Post
    If I was concerned about asset protection, I don't think I would post everything on a forum using my first name as my screen name, especially if it isn't a common name, along with my specialty and state. I'm not a skillful attorney but I can certainly put two and two together...

    I could be wrong, though.
    Well, one might think that if everything is as bulletproof as OP seems to suggest, then he should have nothing to worry about.

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    • #17
      “but they are owned by the WY LLCs, not me so the plaintiff attorney cannot "touch" them. I just have "control" over them.”
      If you got the holding company, you got everything it holds.
      If Cali is so risky, I’d seriously consider unloading those rentals and buy a big old ranch and consider a bunch of investments in Jackson Hole Wyoming..
      problem solved. Hobnob with the Fed every year. Make some friends if you ever need a bailout.

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      • #18
        Thank you everyone for your comments. I hope everyone has a good asset protection plan to protect your assets.

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        • #19
          What has caused your paranoid state? The liability from rental property or the risk of malpractice? Is the rental property sketchy? How much have you spent to do this? Call me unsophisticated but this is a topic that I do not worry about. Is nephrology litigious? I never did anything like this and I was OB/GYN which is very litigious.

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          • #20
            It’s not the malpractice that I am concerned. We live in the most litigious country. As a physician people will assume you are wealthy. You may just accidentally cause a car accidents ending up killing someone and that can wipe out your assets, Unless you don’t have any assets you need to plan to protect them. If you fail to plan, you plan to fail. It’s not paranoid. I am being proactive.

            It is DIY. I spent about $900 to learn about land trust course then I can setup as many LT as needed for as many properties I acquire in my life. For each WY LLC: $25 for registered agent per year, $100 state registration, $52 annual renewal. Of course some cost for notary public signatures (5 free signatures per day if you are premier member of AAA club), recording fee at the county for your grand deed. Oh, about $500 to $1000 for Family Revocable Trust (you should have it setup anyway regardless asset protection or not to avoid probate). It’s so inexpensive to have such a protection, I believe it is the least expensive way to have an asset protection for an investor in California.

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            • #21
              Originally posted by Klemens View Post
              It’s so inexpensive to have such a protection, I believe it is the least expensive way to have an asset protection for an investor in California.
              It may be so inexpensive but it may also be completely unnecessary and/or worthless in California. Have you spoken to a specialized attorney in California about your plan and setup?

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              • #22
                "I want to share the details of my Asset Protection Strategy. I welcome constructive comments."
                "We live in the most litigious country." We are a nation of laws.
                "
                It is DIY" - You have found "free advice" that touts the "strategy" which is wonderful. Constructive comment was there are holes in plan actually protecting assets.
                the least expensive way to have an asset protection for an investor in California." Constructive comment was not accepted. You indicated it was more for a favorable settlement.
                "WY LLC has a strong charging protection order even for single-member LLC." Constructive comment for this to be asset protection, you might wish to move to Wyoming. The probability is a charging order would be from your state, California.
                Constructive comment is to seek and attorney and pay for the advice.

                My thought is that if it exceeds the Umbrella limits, the dam will break.
                "W.C. Fields — 'If you can't dazzle them with brilliance, baffle them with bullshit.'"
                Please don't be offended, not the intent. Pride of authorship is a "sin", you asked for constructive comments. Not critical, the intent was constructive. No arguments here, leave that to attorney's.

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                • #23
                  I welcome discussion and comments.

                  I believe the strategy is not unnecessary, and if it was worthless in California I would not have done it. I am not a lawyer and I did not make up this strategy by myself. It is endorsed by lawyer.

                  Sorry that I cannot move to Wyoming. It’s the cost of living in California that I have to pay to protect my assets.

                  Has anyone known anyone that received claim payment from an Umbrella policy in actual case? There are so many exclusive clauses in the fine print of the umbrella policy that it becomes almost impossible to have the umbrella ins to pay the claim. That is one of many reasons why the premium for an umbrella policy is so cheap as it rarely pays! You maybe naive to rely heavily on it. Nevertheless, I still purchased one for the peace of mind.

                  If you don’t have much assets and are not concerned about protecting them then you don’t have to do anything. To me, it’s just a small cost to set this up to protect my assets. So it is worth it.

                  I share this strategy to see if anyone can find holes in the strategy so I can protect it better. For others who have not an asset protection plan, it may serve as another option to consider to discuss with your attorney to weight in the pro and cons and the cost.

                  I would rather have it and don’t need it than need it but don’t have it.

                  Thank you for your comments.
                  Last edited by Klemens; 01-19-2020, 10:04 AM.

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                  • #24
                    “endorsed”

                    have you had your setup reviewed by an attorney?

                    if you are as concerned as you seem to be it would seem to be prudent to have your setup reviewed by an expert such as Jay Adkisson

                    wouldnt want the first stress test to be an actual lawsuit

                    we are just a bunch of doctors and dentists

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                    • #25
                      Originally posted by Klemens View Post
                      It is endorsed by lawyer.
                      As a physician you should know this is essentially worthless. I know that you can name a multitude of products and services that are endorsed by physicians that are worthless.

                      You said you learned this structure from a lawyer on YouTube. I suspect he has a disclaimer on his video, too. You need to talk to a lawyer that you hire in person.

                      Comment


                      • #26
                        Originally posted by Klemens View Post

                        Has anyone known anyone that received claim payment from an Umbrella policy in actual case? .
                        Interestingly, I only know of two docs who have had non-malpractice cases (I'm sure there are more). One paid under auto, other under property/umbrella dismissed.

                        Comment


                        • #27
                          Originally posted by CordMcNally View Post
                          If I was concerned about asset protection, I don't think I would post everything on a forum using my first name as my screen name, especially if it isn't a common name, along with my specialty and state. I'm not a skillful attorney but I can certainly put two and two together...

                          I could be wrong, though.
                          Ha! Hard to imagine the days before google.

                          Comment


                          • #28
                            https://www.forbes.com/sites/jayadki.../#6d55d84f20e3


                            Just one of many cases in which the applicable law was that of the state in which the suit was brought, not the state where the trusts and LLCs were created. A creditor friendly state can simply ignore the asset protection apparatus created elsewhere.

                            If you and the assets are located in CA then it may not matter what you set up in WY. If you lived in WY and had your assets there then you probably would not be sued in CA anyway.

                            You may have an elaborate and expensive set up that accomplishes little to protect you in CA.

                            Comment


                            • #29
                              Originally posted by jacoavlu View Post
                              “endorsed”

                              have you had your setup reviewed by an attorney?

                              if you are as concerned as you seem to be it would seem to be prudent to have your setup reviewed by an expert such as Jay Adkisson

                              wouldnt want the first stress test to be an actual lawsuit

                              we are just a bunch of doctors and dentists
                              Pretty much this.

                              It seems really weird that the "Fail to plan, plan to fail" guy, hasn't had his own expert attorney review the plan for any holes.

                              There is nothing wrong with posting it here to get feedback also. But the most important thing that could possibly be done, hasn't been done.

                              Comment


                              • #30
                                There are reports of use of umbrella coverage in a few cases. Refer to this bogleheads thread.

                                https://www.bogleheads.org/forum/viewtopic.php?t=193378

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