A FEW KEY STRATEGIES
FOR PROTECTING YOUR ASSETS FROM LAWSUITS
USE YOUR RETIREMENT ACCOUNTS ERISA-qualified retirement accounts enjoy protection from lawsuits under federal law, so if you have an account such as a 401(k) or a Roth IRA, you might consider putting some extra cash in those accounts if it’s possible to do so within the contribution limits. PAY TOWARD THE PRINCIPAL ON YOUR MORTGAGE The state of Texas offers unlimited protection from lawsuits for home equity. So, putting more money toward your home can ensure that those assets stay with you and your family, instead of going to your legal opponent. Before trying any of these asset-protection strategies, I would recommend setting up a consultation with an experienced attorney to discuss your options. Give us a call at (940) 591- 0600, or follow the link at REIBLAW.com/nlfree to fill out a questionnaire and schedule a consultation.
In previous newsletters, I’ve shared a bit about why making sure your assets are protected from lawsuits — it’s one of the most important things you can do as a business owner. I’ve had clients get hit with lawsuits that cost them millions, and because their business wasn’t protected, they lost it, leaving their families with nothing. Don’t let this happen to you. In order to make sure your wealth goes to your family, and not to whomever is suing you, REIBLAW can help you with a few of these asset protection strategies. CREATE A TRUST The proper kind of trust can keep your legal opponent’s hands off of whatever wealth you put in it. The assets in the trust will be run by an independent trustee and remain out of reach to anyone you don’t want touching it. TURN YOUR BUSINESS INTO A CORPORATION OR AN LLC Under a sole proprietorship or a general partnership (if you’re running the business with a spouse or business partner), your business is included in your personal assets and, therefore, can be taken away in a lawsuit. However, if you run your business as a corporation or an LLC, this divests your business from your personal assets and ensures they’ll be protected from a suit.
NOT YOUR GRANDMA’S FRUITCAKE
We want your feedback! In editions of this newsletter, we’ve covered everything from business contracts to how to handle the former spouse who wound up with everything because there was no business succession plan in place. But now we’re wondering: What would you like to see? You know those legal questions that Google can’t give you a satisfactory answer to? The ones that keep you up at night as you wonder whether it’s time to call a lawyer? We want to answer those. Send us your questions, and we’ll use them to address the topics you want to know more about. Text your questions and curiosities to 972.677.3002 .
Inspired by SimplyRecipes.com
INGREDIENTS
sugar until fluffy. Add egg, zest, and sour cream mixture. Then, add remaining flour and salt. Mix, then add fruit mixture. 5. Pour batter into lined pan. Fill up a separate loaf pan halfway with water. Bake both pans in oven for 1 1/2–2 hours or until a skewer leaves the cake clean. 6. Use “handles” to remove cake from pan and cool completely on a rack before serving. • 2 cups all-purpose flour, divided • 1 stick butter • 1 cup sugar • 1 egg, room temperature • Zest of 1 orange • 1 tsp salt
• 1 tsp baking soda • 1 cup sour cream • 3 1/2 cups mixed dried fruit of your choice, chopped • 1 cup nuts of your choice, chopped
DIRECTIONS
1. Preheat oven to 325 F. Line a 9x5-inch loaf pan with greased baking paper. Ensure the piece running the length of the pan stands 1 inch above each side to form “handles.” 2. In a small bowl, mix baking soda and sour cream. 3. In a second bowl, combine fruit, nuts, and 1/4 cup flour.
4. In a third bowl, beat butter and
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