How To Appear Broke To Lawyers And Creditors
Published 2023-03-02
In this video, I share three strategies that can help protect your assets and thwart BS lawsuits. The strategies are designed to prevent attorneys, creditors, and snoops from taking your investment, personal residence, or business.
Learn what a creditor can collect against, such as garnishing your bank account, obtaining a prejudgment lien against your property, and foreclosing on your assets. This video explains how to make yourself appear broke so you can hide your assets from creditors and the importance of using strategies that make it difficult for someone to find assets in your name or business.
I break down the strategies for protecting your business by distributing cash out of your entity and into a separate LLC, creating a banking entity to hold cash used in your business, and entering into a line of credit agreement with your existing business to make it appear fully indebted.
“I want to talk about what a creditor can collect against because that is going to play into how we set up structures for you to avoid attorneys, creditors, and snoops from getting into your actual affairs and taking your assets.” 0:27
The important thing to remember is that even though you have assets today, they can be gone tomorrow if you don't take the appropriate steps necessary to appear less affluent.
By following our tips, you can avoid probate and protect your assets from creditors. Learn how to protect your personal residence, business, and investments today
If you have any questions or comments, please feel free to leave them below.
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Show Notes:
0:00 Intro
0:26 What Can They Do?
2:22 #1 Mistake
4:50 Considerations
8:41 Personal Residence Trust
10:04 Protecting Investment Real Estate
13:09 Recap
13:53 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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All Comments (21)
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Schedule a complimentary consultation with our experts today! aba.link/bqy
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Man this would be super useful if I weren’t actually broke 😂
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this is such a boss move. something that was an asset becomes a liability to someone else who wants to forcefully take away your business. 🤣
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I'm always amazed that people like OJ Simpson don't do this stuff to protect their assets. There was an Australian lawyer who came up with some wonderful stuff to avoid paying taxes which is usually harder to do. I have a copy of one of his many books, "How To Not Pay Taxes"
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Clint as a retired lawyer your advice has a degree of merit , but you and both know in a deposition you will be asked about any LLC you own or manage . Their are ways more sophisticated than a double llc or trust . More costly yes but useful if the asset base is large enough . A few pointers : rent you house , long term lease for stability Sat 2 to 3 years auto Renew . Lease your vehicles Gold and silver and appraisal art Bermuda captive or any insurance entity that you pay premium to and are a shareholder. I am afraid most courts will pierce the fiction of your second llc . And any state can be ordered by the Feds to cough up your name . So offshore area that has No treaty with US . Lots more to discuss but in general your idea works to stop Nuisance suits . But if the Feds are after you , well that’s a different game 😎. Always pay your taxes and then play with the net . The post tax money is what you shield from spurious lawsuits .
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I don't have to TRY to appear broke.
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I am so good at this everyone thinks Im broke
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National Enquirer did something similar to this. They had a primary corporation that had loaned money to the National Enquirer at an absurdly high-interest rate. The National Enquirer would borrow money each month to do a print run and then pay their staff and other operating expenses and all the profits flowed back into the primary corporation. The Primary corporation even sued the National Enquirer and anyone who later sued the National Enquirer had to just get in line and wait to be paid. Everything was owned by the primary corporation including the equipment and all the trademarks. If anyone ever did get the National Enquirer they would find out that it was just an empty shell that didn't even own the name The National Enquirer.
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I believe I am naturally protected, as best I know. 1) Rent My Home. 2) Drive 15 year old cars. 3) As I am retired now, Income is 100% based on IRA, SS, ACA Tax Credits...hard for others to break into those. My assets are good, 90% in the IRA - stocks and bonds. I can only see some exposure in checking / savings (small) and a Vanguard Traditional account (6 figures).
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Thanks!! Clint thanks for sharing this valuable Information. Continue the extraordinary work.
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Lots of useful information. A lot of the questions I have as a wet behind the ears and still broke (lol) small business person were answered.
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This man is smart.
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YES!!! I needed this. Thanks
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Clint once again your dropping solid gold nuggets for free. THANK YOU!!!
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I learned much more from the "comments" than I did from this presentation!
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Great info!!!
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Excellent and thanks.
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Excellent!
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Clint as a insurance agent here in Ohio ,you would need to name the LLC's as "Named Insureds" all and all good info.
