TGCI 19: Wills, Trusts & Estate Planning - Something you want to ignore but please dont! - Part 2
Play episode · 57 min

Pancham interviews Kevin Day, Asset Protection Attorney, Day & Associates Incorporated.  In this second segment of the show, we discuss asset protection strategies for risk mitigation in case you are sued.

Did you know that you can lose everything that you own (including your home) in case you are involved in a car accident? What if your tenant slips and hurts himself seriously? Or, what if the boiler or a pipe bursts causing bodily harm to a third person? While such untoward incidents are outside your control, you can certainly do your bit to limit your liabilities and protect yourself as well as your family.  

In today’s show, we first categorize assets and then reveal the best way to protect them. Strategies discussed include forming LLC’s, Equity Stripping and Forming Trusts. But, is a LLC or a trust completely lawsuit proof? As per the statute of limitations, is there a time period beyond which you cannot be sued? 

For all this and much more, tune in to our latest show now!

3 Key Points:
  1. Understanding the concept of Homestead Exemption
  2. How equity stripping can help you protect your real estate from unforeseen liabilities
  3. Statute of limitations, and the maximum period beyond which you cannot be sued

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