Building Your Wealth and tips on how to maintain it

Building Your Wealth and tips on how to maintain it

After getting through all of the difficult perform completed to have every little thing you very own right now, it will be really unlikely of you to let an individual just acquire it away from you that straightforward. Russ Whitney will tell you tips on how to protect yourself from making yourself a soft target of some good old lawyer in town. That lawyer could be too clever to pin you down. And before you know it, everything that you have been working for all these years are gone.

When you have multiple properties in town, people looks at you as if you spell dollars, so much of it actually. And they will go through tooth and nail just to extract some if not all from you. Russ Whitney assumes it will work this way: Somebody will simply walk into one of your properties, fake an accident and get some great doctor to prove his injury. The doctor will then declare that he is unfit to work anymore and finds himself a very good lawyer. The lawyer will then take his case for some percentage of the money you have to pay him. With this, the injured man will have everything to gain for him and absolutely nothing to lose. Sounds quite easy, right?

Never make yourself an easy target for lawyers. Take precautions, the more you protect yourself the more likely you do not have to deal with legal matters. Never sail on dangerous waters, take the safer route instead.

Russ Whitney will give you three precautions to follow:

1. The Land Trust of the property

Although it is very tempting and maybe overwhelming to have the property under your name, yet you should never do such mistake. It only makes you an easy target. It does not matter how many properties you own, never do it. Instead, the properties must be on separate land trusts. Each property must have a different land trust and name it accordingly to its address not on your name. This is the easiest way to disable any interested party to search for properties under your name since the trust will serve as the owner of the property. Through this, no matter how many properties you own still it wouldn't register under your name since each property has a different trust.

2. The Land Trusts' Beneficiary and Trustee

For each land trust, there must be a beneficiary and a trustee. You as the owner will be the beneficiary, and the trustee is the will serve as the trusts' manager.

The catch is the beneficiary is not of public record while the trustee on the other hand is. However, the trustee can be forced to reveal the identity of the beneficiary except in the case if he is a lawyer. The lawyer can invoke the attorney-client privilege and lay away with disclosing your identity.

3. The Property under a Corporation or LLC

You will be on safer grounds if your name is even out of the land trust. The property's beneficiary would be better off registered under a business identity, a corporation limited liability company (more commonly known as LLC). Russ Whitney suggests that those papers be filed in a country with better asset protection laws like Nevada. In Nevada, the public officers, corporations' shareholders and LLCs are not of public record unlike in other states.

At the end of the day, you should take all necessary precautions to protect your property in whatever way possible. Of course, that includes including a lawyer to consult with before acting and deal with other legal matters.

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