Ray-N-Pa
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Ray-N-Pa (by dino [CA]) Jan 12, 2022 12:14 PM
       Ray-N-Pa (by LordZen [MA]) Jan 12, 2022 1:49 PM
       Ray-N-Pa (by 6x6 [TN]) Jan 12, 2022 2:11 PM
       Ray-N-Pa (by Ray-N-Pa [PA]) Jan 12, 2022 9:27 PM
       Ray-N-Pa (by dino [CA]) Jan 13, 2022 2:01 AM
       Ray-N-Pa (by Ray-N-Pa [PA]) Jan 13, 2022 3:04 PM

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Ray-N-Pa (by dino [CA]) Posted on: Jan 12, 2022 12:14 PM
Message:

Every time I speak to anybody about asset protection, I'm always interested in their opinion on one particular thing.

It seems that even if you have a framework set up that is constructed according to the relevant legal requirements and should by law protect certain assets or make it costly or difficult to attach those assets, some arrogant judge can come along and ignore that protection as if it wasn't even there. That judge might issue an order bypassing legal requirements just because the judge might not like the whole idea of asset protection This would then seem to require legal appeal and additional cost for the party whose assets are actually protected to some degree.

In other words, there doesn't seem to be significant reliability in anything other than having an insurance company with significant coverage there to pay up if needed.

What's your thinking on this??

--76.171.xxx.xxx




Ray-N-Pa (by LordZen [MA]) Posted on: Jan 12, 2022 1:49 PM
Message:

Following --98.216.xx.xxx




Ray-N-Pa (by 6x6 [TN]) Posted on: Jan 12, 2022 2:11 PM
Message:

Also following.

To my understanding, it is best to have your trustee in a different state and then your trust from another state in order to make it more difficult for someone to track you down.

There are lots of things that you can do to make them not want to pursue you, but I am not clear on all of it as of yet. There is a lot to learn, and it can be confusing, and of course, each state has its own laws. Nothing is guaranteed though.

Ray is pretty good with trust though, so I want to see what he says. --73.120.xx.xxx




Ray-N-Pa (by Ray-N-Pa [PA]) Posted on: Jan 12, 2022 9:27 PM
Message:

Six states have formal trust statues on the books. Write a trust using any of these six states.

With planning your property will be in a different state than where the trust the trust was created,

Have a trustee in a third state.

Now can you get sued - sure they can. But they have to be licensed in three states and serve notice.

My trust simply says if the trust is ever sued, the trustee must resign and provide notice to the administrator/attorney.

So can they track down the replacement? Oppps administrator is an attorney.....that info is protected.

Without being able to serve notice - it makes ever getting to the judge that much harder. --24.101.xxx.xxx




Ray-N-Pa (by dino [CA]) Posted on: Jan 13, 2022 2:01 AM
Message:

Ray,

O.K., I took a look at both sources you have mentioned regarding trusts. Land Trusts Made Simple dot com and also Ward Hanigan. You favor Hanigan because I'm in California. Other than location for Hanigan, is there something you like more about the other one?

--76.171.xxx.xxx




Ray-N-Pa (by Ray-N-Pa [PA]) Posted on: Jan 13, 2022 3:04 PM
Message:

I do like that Randy Land trust Made simple) answers his phone if you have a question. I have made a LLC a trustee in some of my trust. That makes sense if you are looking more for privacy and less about asset protection.

Ward would know what local banks are trust friendly. Also SoCal is so creative, he could coach you on best ways to run with the football.

Most investors don't understand the three parts of the puzzle - 1) tax benefits, 2) asset protection and 3) privacy.

The more you want one of the three legs , it takes away from the other two.

What ever path you follow, you are able to do both buying, selling and wholesaling with so much easy when the property is in a trust.

From a cost perspective, Ward is more expensive, but that is a SoCal think vs a central Illinois thing

--24.101.xxx.xxx



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