9 Ways to Protect Against Lawsuits

3 Dec 2022 · 1 min

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In this concise instructional video, the speaker outlines nine practical strategies for safeguarding personal assets from lawsuits and creditors. The methods include establishing domestic asset protection trusts in 17 states, forming limited liability companies, obtaining umbrella and malpractice insurance, leveraging life‑insurance exemptions, using alternative dispute resolution (mediation/arbitration), drafting prenuptial agreements, protecting retirement accounts, applying homestead exemptions, and creating offshore trusts. Each approach is presented as a viable tool, with brief commentary on its effectiveness and accessibility.

Chapters

I hope you're taking good notes because here are 9 ways— that's right, I said 9— to protect yourself from lawsuits and creditors. Number 1, domestic asset protection trusts. 17 states allow them. You can protect your assets and still have access to them. Number 2, limited liability companies. The guy on here that says LLCs are trash, he doesn't know what he's talking about. Next, umbrella policies and malpractice policies. Umbrella coverage is cheap. If you're a professional, you need malpractice. Life insurance policies. Life insurance policies are exempt from creditors who've received a judgment against you. Alternative dispute resolution. Mediation and arbitration can avoid dangerous court cases. Number 6, prenup agreements. Number 7, retirement plans. Most creditors cannot attack your retirement plans. Homestead exemptions. In most states, homestead protects all or some of the value of your home. Check your state law. Offshore trusts. The crème de la crème of asset protection. It's not bulletproof, but it's close.