Legally Mine - Asset Protection

[paramount]

Does anyone use this company for asset protection?

[The White Coat Investor]

They're local to me and I suspect that like most asset protection firms they oversell the need a bit, but I have nothing good nor bad to report. A few other readers have looked in to them, so hopefully you'll get some personal experience.

[thomashackett]

Don't know anything about that company. I like Ed Brown in Denver. Ed's focus is more on foreign asset protection trusts. http://dslawcolorado.com/attorneys/edward-d-brown-jd-ll-m-cpa. I also like Steve Oshins. Steve's focus is more on domestic asset protection trusts with a situs in Nevada. https://www.oshins.com/sjo. Both Ed and Steve assist client on a national basis.

[Steven Podnos MD CFP]

I have had some clients use them and come away with what I think is expensive and inappropriate planning.  Good asset protection is very state dependent.  You should find a recommended financial planner and estate planning attorney that lives in your own state for this.

[jfoxcpacfp]

I've looked into the company for clients and come away underwhelmed. As Steven says, they are expensive (as is every other canned single-focused solution I have looked at) and include inapplicable planning to justify the high cost. Plain old fee-only financial planning (with an experienced planner who really does focus on planning instead of investing only) will yield a better value plus give you assistance with a much wider array of issues you'll face than a company that focuses its whole business model on asset protection.

[ReFinDoc]

Most of your overall liability comes from your business, children or spouse. Not much from malpractice since you have insurance. Umbrella policies are critical. A lot of asset protection is statutory from ERISA protection of your 401k/403b and  Homestead laws.

Since so much asset protection is based on your State, I like the suggestion of a local attorney.

LLCs and Limited Partnerships are not particular hard to set up, depending on State.

Home Equity is protected. Cross collateralization.

[Craigy]

ReFinDoc wrote:

Most of your overall liability comes from your business, children or spouse. Not much from malpractice since you have insurance. Umbrella policies are critical. A lot of asset protection is statutory from ERISA protection of your 401k/403b and  Homestead laws.

Since so much asset protection is based on your State, I like the suggestion of a local attorney.

LLCs and Limited Partnerships are not particular hard to set up, depending on State.

Home Equity is protected. Cross collateralization.

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If they can prove it's intentional, and in some cases certain gross negligence can go outside of malpractice, depending on the state. 

Some states exempt your whole house.  Some states only exempt a portion of your home equity (as in, you may have to borrow against your home to satisfy a debt).

Local attorney, preferably an estate planner or perhaps a bankruptcy attorney, is going to be your best bet.

[The White Coat Investor]

ReFinDoc wrote:

Since so much asset protection is based on your State....

Home Equity is protected.

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Maybe in your state. Only $20K/$40K is protected in mine.

[erictait]

Have used them for 8+ years, they have been responsive to my requests and are willing to get on calls with my other planning team members (accountants, other attorneys etc...)

The ability to have a firm create additional LLC's that fit neatly into the asset protection structures that they have created and are already in place has been invaluable.

The ability to review said plan with them yearly and integrate tax law changes has been invaluable.

The ability to run future plans by them and get great ideas on how to place my ownership structure has been invaluable.

To get what we have had done by them over these years would have easily cost me 10x what I have paid them as we are already set up for future estate planning as well.

If you would like to actually speak to someone who is client feel free to PM me.