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Recycles dryer sheets
- Joined
- Apr 15, 2007
- Messages
- 491
OK all you high net-worth people out there - Is there any real way to protect your assets from lawsuits? I am not worried about protection from bankruptcy, just liability-type lawsuits.
Here is the situation. My wife and I have significant assets in non-sheltered accounts (outside of 401(k) and IRA). This represents about 2/3rds of our assets. Out attorney has indicated that IHHO, there is no reasonable way for someone at our asset level to protect assets, and advised purchasing a good umbrella insurance policy (we have done this) and/or buy an expensive house (which is sheltered in Texas, we passed on this option). He recommended that we come back to talk to him about Family Limited Partnerships and Offshore accounts when we are worth "10-20 million." He felt that these solutions were not workable (cost effective) at levels below this.
I will add that this attorney is one of the most high regarded attorneys in this area of law in Houston and he was recommended by several attorney friends of mine. I guess that does not guarantee that he knows what he is talking about, but is a step in the right direction. I always tend to believe anyone who tells me I am wasting my money to give them more money.
My own research has been a bust. This is obviously an area in which a lot of quacks operate, and there is lots of contradictory advise. Does anyone have any advise about this issue? What does everyone else do? I have heard that annuities are sheltered from lawsuits. Is this true? Any help is appreciated.
Here is the situation. My wife and I have significant assets in non-sheltered accounts (outside of 401(k) and IRA). This represents about 2/3rds of our assets. Out attorney has indicated that IHHO, there is no reasonable way for someone at our asset level to protect assets, and advised purchasing a good umbrella insurance policy (we have done this) and/or buy an expensive house (which is sheltered in Texas, we passed on this option). He recommended that we come back to talk to him about Family Limited Partnerships and Offshore accounts when we are worth "10-20 million." He felt that these solutions were not workable (cost effective) at levels below this.
I will add that this attorney is one of the most high regarded attorneys in this area of law in Houston and he was recommended by several attorney friends of mine. I guess that does not guarantee that he knows what he is talking about, but is a step in the right direction. I always tend to believe anyone who tells me I am wasting my money to give them more money.
My own research has been a bust. This is obviously an area in which a lot of quacks operate, and there is lots of contradictory advise. Does anyone have any advise about this issue? What does everyone else do? I have heard that annuities are sheltered from lawsuits. Is this true? Any help is appreciated.