Disclaimer: This is based on my personal and professional experience. Still, it is best to consult an attorney or your accountant for further clarification.
Today, let’s talk about your properties and what you can do to protect them. Some of you may have recently acquired a property or invested in one, but you really don’t know how to protect your investment in the long term. It’s hard not to be assured of protection from an investment that you spent thousands or millions of dollars on. You better listen to personal and professional experiences on how these people were able to protect their investment.
Through my years of experience, I have found that the best way to protect your property is to put it in trust. I have done this many times and right now it only takes me a few minutes to put a property in trust.
It works like this: I choose a trustee and you choose anyone you trust. Then there will be two important documents that will go to the Trust. These are the Certificate of Trust and the Declaration of Trust.
This has several advantages. For example, someone sues you for an accident involving your home. They will see that a Trust is the owner and they will get more information from the Trust.
However, you will see that the Trust does not own anything else, since what I do is put each property in separate Trusts that are under its own name.
Most of the time, the attorney backs down when they see that the Trust only has one property. They know how tedious it is to go through the process, especially those owned by LOC.
Another advantage is that if you ever marry someone who owes child support or taxes, your financial obligations will tie into the house. But when your home is in trust, no one can touch it.
For me, it’s good to have this. It reassures you and protects your rights as an owner or heir. It may be a challenge for you to take the first step, but with the right attitude and goal, you should be able to find a way to protect your investments.
Again, it is important that you consult with your attorney and accountant for more information.
Protect your assets, seal your future. If you have any further questions, don’t hesitate to contact us!
