This is Rob Lambert with Asset Protection Training
This video deals with protecting your personal residence
I’m going to dig right into it
The trick is to go to this little yellow house.
Traditional asset protection with the rules and the tools that I’ve already introduced to you does not apply. With your homes, there are very few things you can do, but they’re all pretty effective.
The first one is the homestead exemption.
Every state, almost every state has a homestead exemption, some are unlimited. In Texas and in Florida and in Puerto Rico, you can buy a very expensive home, none of that can be touched by your creditors. It’s wonderful if you live in those states, your home is safe. If you’ve done it right and you need to make sure you’ve done it right because there’s always litigation on that issue.
Talk with any local lawyers, this will be their bread and butter. Get your house homesteaded, in the rest of the world the homestead exemption is somewhere between $60 and $120, sometimes a little bit more. Still, inadequate but you should always homestead your house nevertheless.
You can always extract equity, you do that by borrowing against it. Don’t do fake loans those backfire, they turn you into a crook and they cause the judge to immediately throw you out of court and decide against you. I’ve seen it happen! Don’t get aggressive. Don’t fall for anything phoney. Don’t put money in Switzerland and do the very common, let’s do loans from the Swiss bank and we’ll pretend that the judges are stupid. Don’t do that, it will backfire.
In addition to extracting equity you can sell your home, don’t become too attached to it. That’s one of the fatal flaws of asset protection, we all become attached to our homes. It’s very difficult and I realize that. Homes are vulnerable, homes are protected to the extent of the homestead in every state.
If you care to have a loan against it which isn’t always a good thing. You can keep that money absolutely protected using the technology that I have been explaining and continue to explain to you.
Other than that your home is available to creditors and that’s something you need to watch out for and be prepared to sell your home if trouble really comes or extract equity.
The next video we’re going to is your pension.
What can you do?
What should you do, if anything to protect your pension in your IRA?
Enjoy the videos
Thank you for watching have a healthy and protected week.