Asset Protection - GoFuckYourself.com

drocd · 02-07-2008, 09:13 AM

You get into a car accident, someone slips on your sidewalk, your dog bites someone, your girlfriend/wife leaves you.

Are you concerned about losing your house, cars, investment accounts, college funds, etc? What have you done to protect yourself?

ADL Colin · 02-07-2008, 09:19 AM

Home and car insurance can cover those.

junction · 02-07-2008, 09:21 AM

Proper Corporate Strategy - I have no worries.

ADL Colin · 02-07-2008, 09:22 AM

Quote:

Originally Posted by drocd

, your /wife leaves you.

that would be call a pre-nup

TheBlackTruth · 02-07-2008, 09:40 AM

Quote:

Originally Posted by ADL Colin

Home and car insurance can cover those.

Auto and Home owners insurance have limits.

For instance, most auto insurance policies use a 25/50/25 claim limit formula or something similar.

"25/50/25" means your insurance company will pay up to $25,000 if one person is injured or killed, $50,000 if more than one person makes a claim and up to $25,000 in property damage.

If, however you run down a family of three in a crosswalk, and you become the loosing defendant of a $5 Million wrongful death suit, you are on the hook for about $4,050,000 and change. Your assets will be attached (including, but not limited to, wage garnishment, attachment of investments, real estate, autos, etc.) to make up the difference to satisfy the judgment.

TheBlackTruth · 02-07-2008, 09:45 AM

Quote:

Originally Posted by junction

Proper Corporate Strategy - I have no worries.

Care to elaborate? Inquiring minds want to know.

ADL Colin · 02-07-2008, 09:49 AM

Quote:

Originally Posted by TheBlackTruth

Your assets will be attached (including, but not limited to, wage garnishment, attachment of investments, real estate, autos, etc.) to make up the difference to satisfy the judgment.

We have Homestead here in Florida. I think our primary home is protected against such things.

Fat Panda · 02-07-2008, 10:02 AM

when you have no money it doesnt matter

drocd · 02-07-2008, 10:55 AM

Quote:

Originally Posted by ADL Colin

We have Homestead here in Florida. I think our primary home is protected against such things.

You really want to leave it up to the State to protect you? What a about your cars, wage, bank accounts, etc?

ADL Colin · 02-07-2008, 10:58 AM

Quote:

Originally Posted by drocd

You really want to leave it up to the State to protect you? What a about your cars, wage, bank accounts, etc?

Are you trying to sell me something? ;-)

junction · 02-07-2008, 11:06 AM

Quote:

Originally Posted by TheBlackTruth

Care to elaborate? Inquiring minds want to know.

It's a little more complicated than it sounds, but the jist of it is this:

I have a parent corp in Nevada. All of my web entities are their own corporations, and sub corps of the parent corp.

I have an equity corp that is the lien holder of everything the other corps own.

I am a salaried employee making $250.00 per week.

I have no assets. The corp's own everything. The homes, cars, etc.

Should I be sued personally, I file for bankruptcy as I have no money or assets.

Should one of the websites be sued, I bankrupt that individual corp. My equity corp which is the lien holder of all assets of the corp will repossess all assets of the bankrupt corp.

I in essence repossess my own assets, and the judgment holder gets nothing.

That's it in a nutshell. Talk to a good attorney.

drocd · 02-07-2008, 11:31 AM

Quote:

Originally Posted by ADL Colin

Are you trying to sell me something? ;-)

That's not my area of expertise. But I AM interested in learning more about it and getting my OWN affairs sorted.

drocd · 02-08-2008, 08:06 AM

Quote:

Originally Posted by junction

It's a little more complicated than it sounds, but the jist of it is this:

I have a parent corp in Nevada. All of my web entities are their own corporations, and sub corps of the parent corp.

I have an equity corp that is the lien holder of everything the other corps own.

I am a salaried employee making $250.00 per week.

I have no assets. The corp's own everything. The homes, cars, etc.

Should I be sued personally, I file for bankruptcy as I have no money or assets.

Should one of the websites be sued, I bankrupt that individual corp. My equity corp which is the lien holder of all assets of the corp will repossess all assets of the bankrupt corp.

I in essence repossess my own assets, and the judgment holder gets nothing.

That's it in a nutshell. Talk to a good attorney.

Finally somebody who knows what they are doing. That sounds like a great setup.

slapass · 02-08-2008, 08:14 AM

Also pickup a nice liability umbrella policy for 3-5 mil. it is really cheap. That will help in the run over a family of three thing. Hit a bus full of nuns and you are still fucked probably.

02-07-2008, 09:13 AM	#1
drocd Confirmed User Join Date: Aug 2007 Posts: 128	Asset Protection You get into a car accident, someone slips on your sidewalk, your dog bites someone, your girlfriend/wife leaves you. Are you concerned about losing your house, cars, investment accounts, college funds, etc? What have you done to protect yourself? __________________ 230-699

02-07-2008, 09:19 AM	#2
ADL Colin Too lazy to set a custom title Join Date: Feb 2001 Location: Tube Titans, USA Posts: 11,929	Home and car insurance can cover those. __________________ Adult Date Link - $50 PPS starting NOW! -- good and JUICY! skype = "adultdatelink"

02-07-2008, 09:21 AM	#3
junction Confirmed User Industry Role: Join Date: Dec 2002 Location: Midwest Posts: 2,411	Proper Corporate Strategy - I have no worries.

02-07-2008, 10:02 AM	#8
Fat Panda Porn is Dead. Move along. Industry Role: Join Date: Aug 2006 Posts: 13,295	when you have no money it doesnt matter

02-08-2008, 08:14 AM	#14
slapass Too lazy to set a custom title Join Date: Nov 2002 Location: Earth Posts: 14,622	Also pickup a nice liability umbrella policy for 3-5 mil. it is really cheap. That will help in the run over a family of three thing. Hit a bus full of nuns and you are still fucked probably.