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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: JUDEGMENT PROOF Posted by Rey on January 05, 2004 at 1:11 PM In Reply to: JUDEGMENT PROOF posted by Mary Louise on January 05, 2004 at 11:45 AM : Ward; : My husband and I own several pieces of real estate, some free and clear, others with mortgages. How do we make our property judgement proof? I hear that Living Trusts are not entirely judgement proof. What about owning property in a Nevada corporation? Will that make us immune to any successful civil or medical malpractice judgements? : Mary Louise Mary Louise: This is a field in which I've practiced for some time now. First, you may want to keep your CURRENT real estate in your name. I say this because of the tremendous tax benefits real estate investments provide. In addition, owning one's primary residence in a corporation or an LLC will not pass the "smell test." Second, using a PROPERLY SET UP NV corporation is an excellent asset protection "tool." The key is in the way it is set up. You must use a NOMINEE and BEARER SHARES. Be very careful here. Another thing, we also use a New Mexico LLC since this also provides tremendous PRIVACY. Third, Living Trusts are easily pierced. I agree, they are not entirely judgment proof. Here's what a Federal Judge once told someone I know: "If I can see, it can seize it." Fourth, remember the following: "There are only two kinds of people who never get sued in America. The poor and those who look poor." At this point, you look very rich and thus are a tempting target for lawsuits. We use FRIENDLY LIENS to strip equity from our client's assets. This however requires PRECISE language in order to protect your RE assets. Please feel free to contact me at (626) 584-3936. Rey : Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward; : : My husband and I own several pieces of real estate, some free and clear, others with mortgages. How do we make our property judgement proof? I hear that Living Trusts are not entirely judgement proof. What about owning property in a Nevada corporation? Will that make us immune to any successful civil or medical malpractice judgements? : : Mary Louise : Mary Louise: : This is a field in which I've practiced for some time now. : First, you may want to keep your CURRENT real estate in your name. I say this because of the tremendous tax benefits real estate investments provide. In addition, owning one's primary residence in a corporation or an LLC will not pass the "smell test." : Second, using a PROPERLY SET UP NV corporation is an excellent asset protection "tool." The key is in the way it is set up. You must use a NOMINEE and BEARER SHARES. Be very careful here. Another thing, we also use a New Mexico LLC since this also provides tremendous PRIVACY. : Third, Living Trusts are easily pierced. I agree, they are not entirely judgment proof. Here's what a Federal Judge once told someone I know: "If I can see, it can seize it." : Fourth, remember the following: "There are only two kinds of people who never get sued in America. The poor and those who look poor." At this point, you look very rich and thus are a tempting target for lawsuits. We use FRIENDLY LIENS to strip equity from our client's assets. This however requires PRECISE language in order to protect your RE assets. : Please feel free to contact me at (626) 584-3936. : Rey : : Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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