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  • Legally Mine

    Does anyone have experience working with this firm?
    My wife and I recently attended a lunch talk they gave on asset protection, estate planning, and tax savings. They made some compelling arguments.
    My wife and I are both physicians and live in California. Most of our "savings" are in 401k accounts, which I think offer some measure of protection already. We own our home - and we've talked about placing our home in an LLC.

    The person who gave the Legally Mine talk was suggesting that we should form a corporation based in Alaska based on Alaska's asset protection laws. Seemed a compelling argument - but I think a potential downside is that we would have to pay maintenance fees to Legally Mine as we would need an agent/rep in Alaska.

    In addition to asset protection, they made some compelling arguments about possible tax savings to be gained from setting up a corporation. Some of it felt "too good to be true." Wondering if others have experience working with them or have considered their services?

  • #2
    I don’t know anything about them but your intuition about setting up a corporation is almost certainly spot on.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Jim's book about asset protection takes about an hour to read, but is likely worth the cost of admission to put your mind to ease. You will learn that a 401k is very protected. You can figure out how to title your home being a CA resident. Exactly what tax savings scheme did these folks suggest?

      As an aside, I thought this was going to be a mining thread, like digging for gold in your back yard.

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      • #4
        And I thought it was about mining crypto... hard to keep track of basis, but you can keep it under a separate umbrella of an LLC or within a well-structured IRA or better yet ROTH IRA.

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        • #5
          would you be paying rent to your LLC? Would that change any of the primary home capital gains benefits? I think primary home titled to trust and a personal umbrella might offer more straightforward protection.

          I know for rental properties a personal umbrella is not the same as commercial umbrella.

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          • #6
            They sound like they dabble more in selling stuff than actual asset protection. I would pass. This is one of those situations where you want to be approaching the person/firm instead of the other way around.

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            • #7
              Originally posted by Miko View Post
              Does anyone have experience working with this firm?
              My wife and I recently attended a lunch talk they gave on asset protection, estate planning, and tax savings. They made some compelling arguments.
              My wife and I are both physicians and live in California. Most of our "savings" are in 401k accounts, which I think offer some measure of protection already. We own our home - and we've talked about placing our home in an LLC.

              The person who gave the Legally Mine talk was suggesting that we should form a corporation based in Alaska based on Alaska's asset protection laws. Seemed a compelling argument - but I think a potential downside is that we would have to pay maintenance fees to Legally Mine as we would need an agent/rep in Alaska.

              In addition to asset protection, they made some compelling arguments about possible tax savings to be gained from setting up a corporation. Some of it felt "too good to be true." Wondering if others have experience working with them or have considered their services?
              More importantly what did they give for lunch

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              • #8
                Primary home in LLC or corp is painful and loss of tax benefit . In Cali have corp tax too
                Alaska Corp? Just go next door in nv if you're really gunning for Corp on asset protection stuff. Overkill really

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                • #9
                  Sounds like a great way for them to empty your wallet on your behalf...

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                  • #10
                    From your initial post, it's hard for me to get really specific, but I can say I haven't heard of people generally running to corporations for significant tax benefits; I'd be curious to know what strategy exactly they're recommending, and for which circumstance. Also, I don't have enough information regarding your circumstances (and I don't blame you for not posting a lot of personal financial information here), but most people's net worth is not so high that they should enact more complex asset protection strategies that include out-of-state trusts or business entities. If someone has a few million that isn't being very frequently disturbed, they may consider setting up out-of-state trusts or business entities, but often they understandably choose not to. Last, I wouldn't normally recommend putting a primary residence in an LLC for asset protection unless it was part of a larger strategy. The average Joe probably won't get much benefit from doing that.

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                    • #11
                      Thanks for the replies and the input. We're going to pass on their "conference discount" and shop around, speak with others before we sign up. As others here have suggested, I don't think our situation is complicated enough to merit a complicated and expensive set up. But we will try to do our homework and learn more.

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                      • #12
                        These guys have been around for years and usually present at society conferences it seems. I have been on multiple doctor forums where they have pressured people into buying their product with a refund guaranty for a few days, but those that tried the refund never got it. I seem to remember they build asset protection plans mainly around the concept of "The Charging Order" which can be done much cheaper with your own financial people if thats what you want.

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                        • #13
                          It's a Utah company that like many similar companies emphasizes the risk of doctors losing personal assets to lawsuits in order to convince you to adopt a relatively complex and expensive asset protection plan. The truth is the risk is pretty low but not zero. A common sense approach to asset protection seems most appropriate for most doctors. That means titling assets properly, maxing out retirement accounts, knowing your state asset protection laws, giving assets away via irrevocable trusts, using LLCs for toxic assets like real estate and similar inexpensive, well proven techniques.

                          Read the book. If you still want or need a complex/expensive plan, go get one. I don't know of anything particularly bad or good about this firm; it's one of many similar ones.

                          We now have a relatively complex/expensive estate and asset protection plan. But our finances also don't look much like the typical doctor's anymore. I did not use this firm to make it.

                          You can learn more about the firm at the website. I don't think this statement on the website is true and the fact that it is there pretty much tells me all I need to know about their business model (which I summarized above):

                          Why would I need Legally Mine?

                          Legally Mine knows that business owners are sued an average of five times during the life of their business. Medical and dental professionals are sued even more.
                          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                          • #14
                            We have been trying to untangle a client from them for a couple of years. They use the "baffle with bullshit" approach to build unneccesary complex structures that may or may not work You are so much better off with a savvy financial advisor and an estate attorney

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