Protecting Your Home
Hi. So I have a question about asset protection.
Here's the backstory: A few years ago a friend passed away from pancreatic cancer. From the time he was diagnosed until the time he died was a little over 1-month. He probably had it a year prior to being diagnosed, but didn't know as the doctors never suspected it. In that month, he spent fewer than two and a half weeks in the hospital, (est) which was on and off. After he died, his brother owed about $60,000 to the hospital. ***This is despite him having had BSBC health insurance at a price of over $700.00/mo.***
Fortunately, his brother is a millionaire and can afford it. It was even more fortunate that he had a brother who is a millionaire. His life savings would have been depleted in no time otherwise.
It made me think, what if he had lived longer, or been diagnosed sooner. What if his brother wasn't rich, and he went through six months of treatments and on and off hospital stays ... and lived, despite the odds? How much would the bill have been then? $300,000+? And, since he couldn't have afforded to pay it, I assume after his money had been depleted, a lien would have been placed on his house (which he owned F&C) and eventually seized.
Enter destitution.
This is the part where I feel like going into a long diatribe about how fcked up the healthcare system is in the USA, and the need for universal coverage. But I'll spare you, because that's not my question.
Now my question ... His experience really made me think, what if that was me, ... or you, reading this. What's the best way to protect your personal residence from having liens placed against it, and possibly seized, to repay your debtors? I'm not talking about running up a S-load of debt and hiding. I'm talking about protecting yourself from the mess that is the healthcare system in the US.
LLC's? Trusts? Family Limited Partnerships?
Thanks for any suggestions!