Now I want to discuss the liability created by our personal actions that could threaten our business or assets. I call this “Outside Liability”- Exposure created outside our business that could allow a creditor to take our business from us.
Some states provide generous Homestead Exemption amounts or Tenancy by the Entirety, but for most of us, these strategies are useless.
For most of us, our home is one of our most valuable assets. It truly is our “castle”, but can also be one of our most vulnerable assets. Although we need to protect it at all costs, we face several dilemmas that create significant hurdles to protecting the complete value of our home.
This is a special type of trust that can give significant asset protection in any type of lawsuit and is one of the best ways to protect your personal residence in a State where the Homestead Exception is so low it’s essentially useless.