November 15

Basic Asset Fortress Strategy


Once you start getting ahead a bit, you’re going to find out that a lot of people want to take a cut of your wealth. The IRS will be first in line, followed by folks who want to make a million off of spilling a cup of hot coffee in their laps. Long-lost relatives will come crawling out of the woodwork and estranged spouses will start eyeing your assets.

Here is your basic asset fortress: be personally “broke”, heavily-insured, and willing to cut your losses in bankruptcy.

To that end:

  • Never own anything individually, if you can help it. Wrap it up in an LLC and transfer that to an S corporation at the earliest time possible. Use a separate LLC for different businesses and split off parts of it into separate LLCs.
  • Buy lots of liability insurance, including a high-value umbrella rider for your home and your car.
  • Put your assets somewhere that a bankruptcy court can’t reach them, and KNOW what the limits and exemptions are for bankruptcy in your state.

Keep those three strategies in mind constantly.


asset fortress, assets, Bankruptcy, insurance, LLC

You may also like

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}

Get in touch

0 of 350