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  • #31
    It's very interesting to see some professionals as members of this forum just made many assumptions in judging other people.

    If I am such naive in setting up asset protection, I would have not come up with this strategy and did it by myself by learning just from YouTube videos. Like in an investment you don't just blindly jump in and do it without due diligence. I spent more than 2 years to explore every possible asset protection strategy before weighing in the pro, cons, and cost of this. We are all familiar with getting 2nd opinion or 3rd opinion in medicine. I surpassed that in my planning in this matter.

    I never said that I am so concerned about my strategy. Like I mentioned earlier I have two purposes of posting it here:
    - If there is someone that has more experience with the asset protection matter, I would love to learn from the opinion to see if there are holes in my strategy.
    - To add possible value to the community for my fellow physicians who may consider this as an option in planning their asset protection strategy

    If we all can provide positive, constructive comments, everyone would benefit from that. Thank you.

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    • #32
      have you had an independent attorney review your setup

      Comment


      • Klemens
        Klemens commented
        Editing a comment
        What do you mean by "independent?"

      • jacoavlu
        jacoavlu commented
        Editing a comment
        one with no prior relationship, didn’t establish any of this stuff for you, and ideally someone with expertise in this area. Like Jay Adkisson.

    • #33
      Originally posted by Klemens View Post
      If we all can provide positive, constructive comments, everyone would benefit from that. Thank you.
      I think you're asking the wrong crowd for truly knowledgeable comments on such a convoluted setup. Many people have suggested meeting with a specialized attorney in your state. There are a lot of things you can learn on the internet and execute yourself but I don't know if a convoluted asset protection plan is one I would feel comfortable doing on my own. If you've spent 2 years exploring "every possible asset protection strategy" then why are you asking for comments from us?

      Comment


      • #34
        You may be correct that I may ask the wrong crowd here. I just thought that there is always someone else here knows more about the subject than me.

        I did ran my overall strategy with different independent firms (per your definition) who specialize in asset protection.

        Comment


        • #35
          so what did the independent attorneys say?

          Comment


          • #36
            A California licensed estate attorney. If not, there is one vetted on the vendor list.
            https://www.whitecoatinvestor.com/co...on-and-review/
            Maybe you can get them to chime in. Many have pondered asset protection, WCI has actually written blog posts on it. Can't help you with your first objective. And a polite no thank you on your second objective.
            Looks like the Wyoming LLC would crumble in a California court. I would need an opinion from a California attorney, but I don't live in California nor have a need for the complexity. It is creative. Estate Planning/Asset Protection
            Protecting your family and your assets is a concern for anyone who has – or who anticipates having – wealth. MorganTheeler, LLP can help by creating an asset protection plan tailored to your needs – all at a cost effective flat rate. The wealthy are already taking advantage of these strategies – get started on your plan by requesting a phone call here.



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            • #37
              Originally posted by Klemens View Post
              You may be correct that I may ask the wrong crowd here. I just thought that there is always someone else here knows more about the subject than me.

              I did ran my overall strategy with different independent firms (per your definition) who specialize in asset protection.
              Well, this info as well as what they said would have been great to include in your original post.

              In addition, I'm interested if any of these firms have set up structures similar to what you have for their other clients.

              Comment


              • #38
                Funny that you asked what the attorneys say! As in medicine, if you ask 9 doctors you may get 10 different opinions. It may be worse with attorneys. Have you heard a famous answer from the lawyer, “It depends”?

                I don’t make up the law so I wouldn’t do anything that is not legally backed by the law.

                Comment


                • #39
                  Originally posted by Klemens View Post
                  Funny that you asked what the attorneys say! As in medicine, if you ask 9 doctors you may get 10 different opinions. It may be worse with attorneys. Have you heard a famous answer from the lawyer, “It depends”?

                  I don’t make up the law so I wouldn’t do anything that is not legally backed by the law.
                  That seems like a perfectly reasonable question do ask. It seems weird that you don't think so.

                  At any rate, I'm not as concerned about whether an asset protection attorney thinks it's legal (although that is not unimportant). What I'm interested in is if they thought it was as impenetrable as you believe it to be.

                  Comment


                  • #40
                    Funny thing about law, two attorneys argue that they both are correct everyday in a court someplace in the USA. ONLY one of them wins. Maybe you want to ask a judge! No asset protection plan is bullet proof. I suggested you ask the defense attorney you would use. So you already have one lined up to advocate for you. You could still lose, or win. Here come da Judge.

                    Comment


                    • #41
                      Originally posted by jacoavlu View Post
                      so what did the independent attorneys say?
                      ?

                      Comment


                      • #42
                        Sorry, when I said it’s legal I also implied that it’s legitimate to provide asset protection in this plan.

                        As the attorneys said, it boils down to up to the judge’s interpretation as in any case, no matter how strong your plan is. They just could not find any illegal issues in the plan.

                        As for any asset protection strategy, the main purpose is to create a strong case enough for the plaintiff attorney not want to pursue further into the lawsuit and will agree on reasonable settlement that would save you lot of money. I believe that if I cause harm then I will pay for it with reasonable amount.

                        Comment


                        • #43
                          Originally posted by Klemens View Post
                          As the attorneys said, it boils down to up to the judge’s interpretation as in any case, no matter how strong your plan is. They just could not find any illegal issues in the plan.
                          That's not very comforting.

                          Comment


                          • Klemens
                            Klemens commented
                            Editing a comment
                            I am sorry you feel that way, but it's just the way how the court/judge/law system works. It's always up to the judge's interpretation of the law.

                          • CordMcNally
                            CordMcNally commented
                            Editing a comment
                            I’m well aware of how the legal system works. It’s not very comforting for you, not for me. You shouldn’t spend years trying to develop an asset protection strategy and then have multiple lawyers say, “well, it depends what the judge decides”. That makes me think the lawyers you spoke with aren’t confident in your plan.

                        • #44
                          Originally posted by Klemens View Post
                          Sorry, when I said it’s legal I also implied that it’s legitimate to provide asset protection in this plan.

                          As the attorneys said, it boils down to up to the judge’s interpretation as in any case, no matter how strong your plan is. They just could not find any illegal issues in the plan.

                          As for any asset protection strategy, the main purpose is to create a strong case enough for the plaintiff attorney not want to pursue further into the lawsuit and will agree on reasonable settlement that would save you lot of money. I believe that if I cause harm then I will pay for it with reasonable amount.
                          Now we're getting somewhere.

                          Is your strategy one that they had seen before? Is it one that they have used themselves for other clients? If not why not and what alternative do they use instead?

                          Comment


                          • #45
                            Originally posted by Klemens View Post
                            As the attorneys said, it boils down to up to the judge’s interpretation as in any case, no matter how strong your plan is.
                            The reviewing lawyer didn't give you any amount of feedback like "this will probably hold up to most cases with most judges"?
                            "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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