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Updated over 6 years ago, 07/09/2018

User Stats

18
Posts
1
Votes
Harsh Dangaria
  • Jacksonville, FL
1
Votes |
18
Posts

Asset Protection Strategy

Harsh Dangaria
  • Jacksonville, FL
Posted

Researching various sites (including many posts/forms in BP), books, etc. I have tried creating a blue print for asset protection (see the image). Does it make sense? Did I do something incorrectly? Is it an overkill? At what net worth is this no longer an overkill? and most importantly, Will it provide the best possible asset protection? (This is in addition to liability and umbrella insurance coverage policies). Also, with such structuring there is going to be added expenses (e.g. SLLC filing fee, land trust and trustee fees, foreign entity registration fee, general partner LLC registration fee, fees to CPAs/attorneys to set it up, extra costs with end of year tax filing, etc.). How much additional expense will this create as compared to owning rental properties without entity and land trust formation?

I did not find any clear info on other trusts as asset protection. Are there any advantages  with trusts such as  domestic/offshore asset protection trusts, etc.? Are they used instead of above or are they used in addition to above? How much additional expense will using a DAPT create?

I understand that I need to see experienced CPAs and attorneys. Any recommendations? I tried getting info on the fly from 2-3 attorney friends but they were not very helpful. I am sure that the collective knowledge/experience of BP members is far better. 

Thanks,

HD

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