How To Protect Your Home From Creditors

How To Protect Your Home From Creditors – For most of us, our home is one of our most valuable possessions. It is indeed our “kingdom”, but it can also be one of our most vulnerable assets. Here are 8 strategies to consider in a well-designed asset protection plan.

For most of us, our home is one of our most valuable possessions. It is indeed our “kingdom”, but it can also be one of our most vulnerable assets. I will outline some powerful strategies to help protect your home from lawsuits.

How To Protect Your Home From Creditors

Many of my older clients grew up saying “always pay off your house…before anything else”. Now our Dave Ramsey is teaching millions of Americans how to get rid of bad debt and pay off their home fast. This is all very well. It seems like you have your house free and clear… but is it?

The Importance Of Filing A Homestead Affidavit Pursuant

The truth is, if you have hundreds of thousands of dollars worth of equity in your personal residence, we have two big problems:

So you’re thinking… “I have auto insurance, home owners insurance, and that wonderful roof insurance policy – surely no one can touch my home equity” … wrong.

Often times, a lawsuit and potential judgment that threatens your home equity isn’t even a lien on the home or the home itself. (ie a guest trips and falls in your home). It is the responsibility that creates our “blind spots” and we can be completely unpredictable. Here are some examples of lawsuits that no insurance will protect you from:

In all of the above, your homeowner’s insurance has nothing to do with the claim, and your umbrella probably won’t do anything to save you (more on that below). I’m sad too. Seriously. I also want to pay off my house. It scares me to death that I might lose it in a lawsuit until you write John Grisham.

What To Know About Selling A House In An Irrevocable Trust

Unfortunately, a creditor or claimant will see this egg as a “golden egg” in an attempt to collect money from you. Please be open to protecting your stock in a creative way. I’m not saying it’s bad to pay off your mortgage and get it for free, but it’s very easy to pay off your house and not realize you’re doing yourself a serious disservice.

Before I compile this list, please note that I devoted an entire chapter to this topic in my most recent book: The Tax and Legal Game Guide – Transformative Solutions to Your Small Business Challenges, Second Edition. See Chapter 19: Protecting Your Home from Lawsuits.

Also, remember that not only is each individual in a different situation with their assets, family, and the types of risks they face, each state is just a little bit different in the way they protect personal assets. Applies to residence. Therefore, with each of the strategies listed below, it is very important to make sure that you have an “asset protection plan” that is designed and implemented specifically for your situation in the state in which you live. Here are 8 possible strategies you can use to try to maintain equality in your home.

Now, with all these possible strategies, remember that “estate planning” and “privacy planning” are separate from estate protection. Estate planning is all about avoiding probate and making sure your assets go to the right people. Privacy planning removes your personal name and/or address from the network. It provides a level of ‘camouflage’ along with your ‘bulletproof vest’. These are all very different legal planning strategies in nature. They can and do come together to provide a well-designed and comprehensive plan.

Relationship Between Liens And Real Estate In New Jersey

In summary, it’s clear that we should all at least consider maintaining our home and perhaps take some proactive steps to keep it up to par. However, it is not clear which strategy is the same and best for everyone. Take advice and proceed with caution, but at least do something.

* To subscribe to Mark’s free weekly newsletter and receive his free e-book, The Ultimate Tax Strategy Guide – 30 Steps to Save More Money on Taxes, visit www..

And several other popular books as well. He is also the CFO of Directed IRA Trust Company and a senior partner at the law firm

Are you a rental property owner looking to reduce your tax liability and have you heard that expense segregation is the number one thing you’re missing out on? Well, that’s a tough answer. Cost segregation is often a selling strategy because it’s a really cool strategy and looks incredibly sexy (at least to us).

Massachusetts Appeals Court Limits Homestead Protection

It often amazes me how many taxpayers make becoming a real estate professional their primary tax planning goal, while others avoid it like the plague. However, there are still others who don’t even know what the fuss is about.

There are many HOT deductions that many taxpayers ignore and simply “leave money on the table”. Here are 6 used written clauses that I believe should be healthy line items on any legitimate small business tax return:

Auto deductions are the best in 30 years, business owners are about to write off the car faster and with even bigger deductions! Are you worried about lenders looking for a property? Whether you have current creditors or are worried about potential future creditors, protecting any property you own is always a smart move. By thinking proactively, you and your family can save hundreds of thousands of dollars in equity that you may own. An asset protection plan is very important. Call today for more information!

Many people believe that simply transferring their property deed to their children or a close relative will protect the property from creditors. This is only half the truth and there are much better solutions to achieve the same goals.

Florida Homestead Law, Protection, And Exemption

Transferring the deed to someone else’s name no longer gives you ownership of the property. While this may protect the property from your creditors, it will not protect the property from the creditors of the person to whom you have transferred it.

Establishing a limited liability company is not a quick solution either. There are other considerations that must be taken into account to ensure that the property is properly protected. If the LLC engages in business transactions unrelated to the property or exposes itself to legal proceedings, the property may be subject to attack from judgment creditors or creditors.

No matter how you choose to protect your property, you should consider purchasing comprehensive insurance! There are many coverage options that can be tailored to your individual needs. Whether it is an investment property, primary residence or business property, insurance cover offers unrivaled protection. For more information, contact our highly trusted financial advisor and insurance specialist Peter Craig at PCRAIG@royalaa.com.

Glotta & Glotta, PLLC helps clients protect their assets using both of these methods. If you have questions or would like to schedule an appointment, please contact us! We are here to help you.

Can A Collector Take My Home If They Get A Judgement Lien?

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In the mid-1980s, the US government was looking for a way to encourage westward expansion. To achieve their goal, Congress passed the Homestead Act of 1862, which encouraged individuals to go west and allowed them to claim up to 160 acres of land as their homestead. Many individuals benefited from the Homestead Act, but the Act lapsed and was officially repealed in 1976.

As the federal homestead frenzy slowed, Florida passed a homestead exemption amendment to the Florida Constitution. The homestead exemption, originally found in Article X, Section 7, can now be found in Section 4 of the Florida Constitution. Currently, Florida residents can list their primary residence as a home under the Homestead Exemption and Asset Protection from Lenders and receive up to $50,000 in property tax relief. Florida’s homestead exemption applies to up to 160 acres of non-municipal real estate, or up to half an acre.

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