Re: Protecting one's ASSets...

Posted by Keyser Soze (152.163.252.134) on January 18, 2004 at 20:24:15:

In Reply to: Protecting one's ASSets... posted by InBigDebt on January 18, 2004 at 18:40:41:

Consider forming a Limited Liability Partnership to protect stocks. They are tough to sue and worse for plaintiff who gets an attaching order. Liability is, well, as the name describes,limited. They can take about one percent of the amount owed but...Now it's Poison Pill time. Creditor thusly attached is now liable for your tax liabilities. You can declare 'phantom profits' and nail the puke for his real share of your imaginary profit.
Can CA weasel out of this? Nope, nope. IRS presumes a creditor able to fund successful lawsuit and attaching can jolly well pay his taxes due. Check out Adkisson Group on the Google, also look under Asset Protection, go to Quatloos.com. Their information is updated regularly, they alert you to what not to do. With a good income presumably you'll have savings after expenses. You don't want to give those to CA's for many reasons good and logical. Give them to the LLP and charity, let the CA buggers starve.

Presumably,

Keyser Soze

"Aw, Angelo, you gotta have a little fun in
this business."
- John Gotti, CEO - Gambino Crime Family
on the subject of giving two FBI
agents membership in his Bergin Hunt & Fish Club. Initiation fees
proposed at 500K, applicants to
be 'adjudged' of good character. Indeed
better a fortnight with the Bergin crew
than five seconds with CA trash.
With all due apologia and respect to 'guys in
the life' as indeed to even compare the late
Mr. Gotti and any of his corporate team members
with CA mutts could well be construed as lacking respect, and one does not with to be
perceived as disrespectful.

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