inquisitive
Recycles dryer sheets
- Joined
- Apr 7, 2008
- Messages
- 223
I just read that 65% of American millionaires have no asset protection plan.
Let's say someone has several million dollars that they would like to protect against frivolous lawsuits, as well as lawsuits related to professional liability. Is it possible to open a corporation or other business entity that would hold this amount of money and trade this money in stocks? Since a corporation is a different legal entity, it should not be available for lawsuits except for lawsuits directly against the legal entity, and since it is just involved in the stock market and no other business transactions, there shouldn't be any other reason for it to be sued. Is this correct?
Let's say someone has several million dollars that they would like to protect against frivolous lawsuits, as well as lawsuits related to professional liability. Is it possible to open a corporation or other business entity that would hold this amount of money and trade this money in stocks? Since a corporation is a different legal entity, it should not be available for lawsuits except for lawsuits directly against the legal entity, and since it is just involved in the stock market and no other business transactions, there shouldn't be any other reason for it to be sued. Is this correct?