Asset Protection

Re: Asset Protection

You guys are right - I have a headache today and not up for googling but the putting things in the spouses name is a no go. Too transparent, courts don't like it.

With respect to the house - depends on the state. We are hoping to stay settled in FL, they have great primary residential protection.

From what I am getting from my research so far:
- Dr. Spouse needs to operate as some form of business [have to weigh benefits of LLC, S Corp, etc]
- Any property should be in a family trust [not just in the spouse's name] each additional non residential property should be in its own trust
- There needs to be some kind of asset protection trust for investments / cash/ etc
** There is very little by way of protecting future income, which was VERY disconcerting
- Certain states are better for setting up domestic trusts [DE, AZ, NV]

Trusts seem to be the answer. The question that remains is what kind of trust? there are only about a million different kinds.

PS - note from an attorney friend - it is also a REALLY good idea to have an attorney draft all this stuff because if something does go wrong, you are covered by their malpractice!!

[madeintaiwan]

Re: Asset Protection

100 K per bank is FDIC insured if they are in traditional accounts.

It's 100K for an individual's account per FDIC insured bank and up to 200K for a joint account per FDIC insured bank .

FYI, My bank just released a statement:

"On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. Previously, the federal limits were $100,000 per depositor per insured bank and up to $250,000 for an individual retirement account. In the FDIC's 75-year history, no customer has ever lost a single penny of insured deposits as a result of a failure."