Disclaimer: This is based on my personal and professional experience. It is still best to consult with a lawyer or your accountant for further clarification.
Today, let’s talk about your property and what you can do to protect it. Some of you may have recently purchased a property or invested in one, but don’t really know how to protect your investment long term. It’s hard not to be sure you’re protecting an investment you’ve spent thousands or millions of dollars on. It is best to hear personal and professional experiences on how these people were able to protect their investment.
With my years of experience, I have found that the best way to protect your property is to place it under a trust. I have done this so many times that, at this point, it only takes me a few minutes to put a property in a trust.
It works like this: I choose a trustee and you choose anyone you trust. Then, there will be two important documents that will go in the Trust. These are the Certificate of Trust and the Declaration of Trust.
This has a number of advantages. For example, someone sues you for an accident involving your home. They will see that a trust owns it and they will get more information from the trust.
However, you will see that the Trust does not own anything else as what I do is put each property in separate Trusts that are under its own name.
Most of the time, the lawyer backs down when he sees that the Trust only has one property. They know how tedious it is to go through the process, especially those owned by LOC.
Another advantage is that if you ever marry someone who owes child support or taxes, your financial obligations will be tied to the house. But when your home is in trust, no one can touch it.
For me, this is a nice thing to have. It reassures you and protects your rights as an owner or heir. It might be challenging for you to make the first move, but with the right attitude and focus, you should be able to find a way to protect your investments.
Again, it is important that you consult with your attorney and accountant for more information.
Protect your heritage, seal your future. If you have any further questions, feel free to contact us!