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Vidit Maini
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Asset protection guidance

Vidit Maini
Posted Feb 7 2024, 07:43

Dear BP community,

I am a 50 year old immigrant and have worked hard to make a life for myself.  I have a net worth of ~2-3M in the form of a primary, secondary home, a rental property, and savings/CD accounts and a W2 FT job. I intend to embark on a business venture which is high risk and high reward. Before I do so, I want to take steps to protect my assets. The nature of the business will be such that lawsuits and claims are expected. I am consulting anderson advisors but not convinced that I should hire them. I am requesting you to share your suggestions on which vehicle i should use to protect below assets. I know I am asking for a lot but my experience at BP has been fabulous and the knowledge I have received from this forum has been so much wiser than any professional I have come across (yet). If you have names of attorneys you can recommend , that will also be of immense help. Thanks in advance and God bless!

1) Primary home - GA - titled to me - Trust or LLC or both

2) Secondary home - GA - titled to spouse - Trust or LLC or both

3) Rental property - GA - titled to me - 

4) Savings/CD Accounts - 1M - GA 

5) W2 income  (self and spouse)

Thanks,

Vidit

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Bjorn Ahlblad
Pro Member
#3 General Real Estate Investing Contributor
  • Investor
  • Shelton, WA
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Bjorn Ahlblad
Pro Member
#3 General Real Estate Investing Contributor
  • Investor
  • Shelton, WA
Replied Feb 7 2024, 09:48

2 things I would suggest that I have done for myself to protect my assets. Carry sufficient liability insurance to protect your assets and net worth. Master the numbers associated with your venture and all REI. Don't rely on information provided to you and interpreted by others-can't stress this enough. Congrats on what you have accomplished so far, and all the best in your undertaking.

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Vidit Maini
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Vidit Maini
Replied Feb 8 2024, 09:29

@Bjorn Ahlblad Thank you so much

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Jeff Nash
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  • Accountant
  • McKinney, TX
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Jeff Nash
Pro Member
  • Accountant
  • McKinney, TX
Replied Feb 9 2024, 05:00

Look at KKOS Lawyers.  I work with them frequently and they have a great team.  They work with real estate professionals and business owners.  

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Vidit Maini
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Vidit Maini
Replied Feb 11 2024, 12:46

@Jeff Nash thank you!

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Sebastian Bennett
  • Investor
  • Bucks County
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Sebastian Bennett
  • Investor
  • Bucks County
Replied Feb 11 2024, 13:34

Vidit, with all due respect with a net worth between $2M -$3M pick up the phone and hire a damn attorney. What in the world are you doing seeking legal advice on a forum like this?