Protecting Your Vehicles and Checking Account from Personal Judgements

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Protecting Your Vehicles and Checking Account from Personal Judgements | Personal Asset Protection

Рет қаралды 28,090

Clint Coons Esq. | Real Estate Asset Protection

Күн бұрын

In this video I'm going to discuss how to protect assets other than real estate.
Protecting your personal assets means protecting yourself from deranged individuals who go on to the DMV and transfer title over to themselves. This is an actual story that happened years ago to one of our legal secretaries.
In order to gain protection, you have to get the asset out of your name. In addition, the best tool to utilize for this type of protection is what I refer to as a personal property trust. Watch this video as I show you step by step how to achieve this specific type of asset protection.
What you need to know about how protect your personal assets are covered in this video.
Questions or requests for a video topic are always welcome!
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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.
#assetprotection

Пікірлер: 130

@ClintCoons 6 ай бұрын

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/71g

@albertmcknight1685 3 жыл бұрын

Interesting video I like these type of videos keep them coming

@ClintCoons 3 жыл бұрын

Thanks, will do!

@headlibrarian1996 11 ай бұрын

What about insurance? Business or non-owned insurance on a car is expensive and of limited utility. I'm not sure if that type of insurance is compatible with personal umbrella policies. Also, will lenders or leasing companies play ball and title your car in the name of a trust, or are you stuck only buying cars for cash? Then there's the dealer themselves, who usually title the cars when you buy it from them. They may not want to play ball either.

@jamesdalton7191 3 жыл бұрын

Ive delt with a crazy person thief on vehicle titles before. Here's another idea i found out about through DMV headquarters Ca. A manager told me to put a Lien Holder added to the title. Someone you trust, a family member , etc.

@ClintCoons 3 жыл бұрын

Interesting. Thanks for the tip.

@ellington237 7 ай бұрын

I found this online What assets Cannot be placed in a trust? The assets you cannot put into a trust include the following: Medical savings accounts (MSAs) Health savings accounts (HSAs) Retirement assets: 403(b)s, 401(k)s, IRAs. Any assets that are held outside of the United States. Cash. Vehicles.

@paulmulryan9624 3 жыл бұрын

You have some awesome content, glad I discovered your channel. I have a question about asset protection. about 10 years ago I was researching commercial law (UCC specifically) and started deep diving into filing UCC 1 and UCC 3 statements, which as you probably know is a superior lean (UCC1) and a amendment or assignment (UCC3) If I created Two LLCs (Wyoming) one was to conduct business through and create other disregarded LLCs for other ventures real estate etc, named Alpha The other to serve as a holding company but actually created via a separate Wyoming LLC. named Omega. If I wanted a second layer of protection for all my assets in Alpha would the following scenario work well: Alpha receives a loan from Omega. Omega and Alpha create and sign a security agreement which places all of Alphas property, company autos etc as collateral and creates a UCC 1 to pair with the Security Agreement. Both Security Agreement and UCC are fully executed and recorded with the proper county recorder (UCC dept) and or Secretary of State. With the UCC 1 registered as a superior lean against this property would that keep even judgments etc from acquiring that property?

@ClintCoons 3 жыл бұрын

Correct. I have a few videos on this srategy.

@bigmig7877 2 жыл бұрын

Great teachable moment Clint!

@ClintCoons 2 жыл бұрын

Glad it was helpful!

@midnite1235 Жыл бұрын

Hi, Very informative videos!!! I wanted to know if a living revocable trust would provide anonymity, not asset protection but privacy. If a person just kept a bank account in a Living trust, could any current or future creditors find out about it? THANK YOU!!!

@ClintCoons Жыл бұрын

It could if you do not use your name when establishing the trust e.g., Red Rock Trust versus Jones Family Trust.

@midnite1235 Жыл бұрын

@@ClintCoons Thank you! It would seem like a good way, to keep a checking account kind of secret..

@midnite1235 Жыл бұрын

Can you recommend a book or course on how to form an irrevocable trust?

@ClintCoons Жыл бұрын

I am not aware of one. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@midnite1235 Жыл бұрын

@@ClintCoons Thank you very much! I am interested in a relative setting up rust for me. Would any $$$ or assets in that trust be safe from current or future creditors?

@karenparikh4045 8 ай бұрын

Very useful. Thanks!

@BiffBifford 3 жыл бұрын

I have the original Land Patents on my property in California. What are they, and what do they mean? What are they good for? I sure would appreciate your expertise on Land Patents answering the questions above. From what I understand, they are just historical references from another time and another era. By the way, I really enjoy your videos!

@joeyroganoffical Жыл бұрын

Would it be better to protect personal assets by putting them into a Wyoming LLC or this method mentioned in the video?

@ClintCoons Жыл бұрын

WY LLC all the way

@SportsActionNetwork 2 жыл бұрын

Great video Clint but how insurance companies view this type trust once you make the switch as a business? Will your insurance rates go up?

@ClintCoons 2 жыл бұрын

Not in my experience. It is a grantor trust.

@dreamcometrue6708 3 жыл бұрын

This is great info!💯 Would a PPT be the wise way to take title to a property that I acquire Subject To, but plan to live in? Or should I use a Land Trust?

@ClintCoons 3 жыл бұрын

Land trust

@ionsochirca9244 3 жыл бұрын

Love this video. Wonder if you could also write a lien against the property ( Strip away equity) for insurance in case the creditor is really persistent?

@ClintCoons 3 жыл бұрын

Friendly liens provide another layer.

@adibc55 3 жыл бұрын

Very educational, thanks! Could you take it a step further & insulate your assets further by creating a WY LLC & holding the trusts within? Would that further protect & insulate assets? Would you consider that bulletproof or are there loopholes in that scenario as well for the determined creditor to exploit? Lastly, are assets held in a Revocable Living Trust protected the same as they would be in a Personal Property Trust? Thanks!

@ClintCoons 3 жыл бұрын

Placing the PPT in an LLC would not change the analysis. If the asset is a personal asset held indirectly in a business entity this would most likely not hold up against an aggressive creditor. Like the PPT, a living trust does not offer any asset protection for the assets held within hence, we use LLCs and other entities to hold our investment/business assets and place these entities into our living trust.

@xxmaddog_madaraxx 3 жыл бұрын

" You can't sue what you can't see "

@UltimateBargains 3 жыл бұрын

"You can't tax what you can't catch." - "Garrett" of the "Thief" video game.

@headlibrarian1996 8 ай бұрын

Perhaps, but few people really own absolutely nothing, so if you look like that it’s a red flag to a savvy plaintiff’s attorney.

@deadcell1 3 жыл бұрын

Will a PPT be ideal for someone who owns equities such as stocks, bonds, and crypto? If so, what asset protection strategies could I apply in conjunction with the PPT?

@ClintCoons 3 жыл бұрын

PPT offers no protection from creditors - it is merely a smoke screen. You should use an LLC to protect these assets.

@parclan Жыл бұрын

What could be done to protect personal assets (cash/invested funds/bonds) from claims brought through a construction payment and performance bond claim?

@KingMarkII 3 жыл бұрын

Hello Clint!!!! I love the content!!! Please keep it Coming!! Question..... Would it be okay for my corporation to own my WY LLC? And have the rental properties under the WY LLC? Thank You

@ClintCoons 3 жыл бұрын

Typically you do not want to hold real estate in a corporation because of tax issues surrounding moving the property out of the company or additional taxes on the sale of property held for more than one year. The strategy you describe is often used for flipping not buy and hold.

@laurice8056 Жыл бұрын

Wouldn’t a PPT, Land Trust or any other Trust set up legally by an American firm with an off shore corporate office provide better protection? If so would multiple Trusts be necessary? That seems very expensive.💰

@ClintCoons Жыл бұрын

Yes going offshore is more expensive and if the assets are located in the US then it is very hard to protect them with an offshore structure unless you convert the assets to cash and move the cash offshore.

@judahmaccabee2098 Жыл бұрын

Clint, if you are the trustee and the beneficiary is a irrevocable trust PPT would that prevent direct ownership, especially when the beneficiary are your family members in the irrevocable ppt trust?

@ClintCoons Жыл бұрын

The PPT is revocable not irrevocable.

@show_your_teeth Жыл бұрын

Question ... Does the state matter where the PPT is formed? thanks

@ClintCoons Жыл бұрын

No it does not

@show_your_teeth Жыл бұрын

@@ClintCoons thanks Mr. Coons

@ShesSoDesi Жыл бұрын

If the title isn't in our name, what does that mean for our license and registration, esp. in the even that we get pulled over or something. Is our information still searchable/recordable then? Would an office be able to see the trust name or our name?

@ClintCoons Жыл бұрын

It will show up under the trust name.

@Darrell_lewis_massage_realtor 10 ай бұрын

Is it necessary to get a PPT if a car rental host has 5 cars but they’re all negative equity?

@ClintCoons 10 ай бұрын

probably not.

@nguye1971 2 жыл бұрын

Awesome advice. Thanks Clint. For a 22-year-old guy with car and saving only, how to go about setting up a PPT in an inexpensive way? and if PPT is only notarized, but not recorded, how could bank or DMV be willing to change the ownership to PPT since it doesn't have SSN nor EIN? thanks

@ClintCoons 2 жыл бұрын

You would supply your SS#.

@briankable2713 Жыл бұрын

How would you get plates for them under this

@ClintCoons Жыл бұрын

Under the entity name

@CianTv1 Жыл бұрын

What’s the difference between just putting the car in a living trust that doesn’t have ur name in it?

@ClintCoons Жыл бұрын

A trust like you describe does not offer asset protection.

@whom6991 9 ай бұрын

Late to the party... How much would it cost to set this strategy up? I only want to put a couple cars and trucks under a Trust and use and anonymous LLC as the beneficiary.

@ClintCoons 9 ай бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@Back2SquareOne 3 жыл бұрын

Is my Roth IRA a good candidate to put in a personal asset trust?

@ClintCoons 3 жыл бұрын

No it stays as is.

@sirstabbybeard337 3 жыл бұрын

do you have any real-estate attorney's that you do business with or are associated with in Rhode Island. i would like to use your methods to start my business but i would also like an attorney to insure they are correct. thank you for you videos they are very helpful.

@rcruz401 3 жыл бұрын

I'm also from R.I and had Anderson set up my entities.

@ClintCoons 3 жыл бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@brucekeller5259 7 ай бұрын

Both my banks told me I had to get the "trust" papers from a lawyer. So the lawyer is not going to do this for free. Banks apparently cannot set up trust accounts on their own

@johnb9710 Жыл бұрын

Hello, For California resident Personal trust is better or Land trust?

@CianTv1 Жыл бұрын

Put ur personal car in ur holding company’s name would be a terrible idea if u have a bunch of wealth in the holding company, right? I’m assuming if the LLC owns the car then in the event that u met in an accident and were sued, they’d have direct access to ur wealth, correct?

@ClintCoons Жыл бұрын

Correct do not put your vehicle in the holding LLC. A different LLC would own your vehicle if the vehicle is used for business.

@jamess2483 3 ай бұрын

I want a Cook Islands trust and a Singapore bank account.

@pierrebonnard990 3 жыл бұрын

Would this be the way to protect stock holdings? Brokerage accounts? Precious metals?

@ClintCoons 3 жыл бұрын

No this is for personal assets. You brokerage would be placed in an LLC.

@pierrebonnard990 3 жыл бұрын

@@ClintCoons Thanks!

@reginquinoa8194 2 жыл бұрын

How much cost to set up and maintain many trusts? Also how about ones that used to be in your name and get transferred? Does it leave the breadcrumbs to trace to the trust?

@ClintCoons 2 жыл бұрын

Trust do not have an annual fee. Yes you will always be in the title chain on certain assets.

@astracey1 2 жыл бұрын

What about filing the "Protected Income & Assets -Affidavit of Claim Exemptions" list with the Court Clerk. They say it's supposed to protect you from judgment creditors, should they request a bank levy.

@ClintCoons 2 жыл бұрын

Any statutory assets will be protected from creditors.

@marcopolo9446 2 жыл бұрын

@ 5:17 you said from a tax standpoint it's a non issue yet it's got your social.

@ClintCoons 2 жыл бұрын

The trusts do not file a tax return - everything is reported to your SS #.

@marcopolo9446 2 жыл бұрын

@@ClintCoons thank you so much you are the best

@Jason.Jodway 3 жыл бұрын

Hello Clint. A thought that always comes to my mind but is never mentioned in regards to grantor trusts: Do they cloud the purpose of charging order protection by allowing the trust to be taken which then effectively takes the LLC held by it?

@ClintCoons 3 жыл бұрын

Charging order protections only come with LLCs and deal with situations where you are sued. If you are the beneficiary of a trust then the trust is at risk. that is why we typically place land trusts inside of LLCs.

@Jason.Jodway 3 жыл бұрын

@@ClintCoons I am asking this question because an LLC counts as personal property and can be put into this type of trust, but if it actuals ruins part of the point of the LLC that is a problem.

@ClintCoons 3 жыл бұрын

@@Jason.Jodway Placing a trust in an LLC will not impair the protection of a charging order sole remedy. Does this make sense. The charging applies to whomever owns the interest.

@Jason.Jodway 3 жыл бұрын

@@ClintCoons I am saying the LLC being held by the trust and not the trust being held by the LLC. The trust beneficiary is the person facing a judgment and the LLC is a trust asset. I am mainly thinking living trust here, but also just general anonymity power of using grantor trusts.

@ClintCoons 3 жыл бұрын

@@Jason.Jodway The charging order protection does not change just because the membership interest is held by a living trust.

@hakanwall8941 Жыл бұрын

Can a Trust hold a auto insurance? In Nevada from what I understand the name on the cars title has to be same as the name on the in the insurance Policy. So if I have a LCC as a benefit holder of the trust, do I then need a business Auto insurance? And have the trust as one of the insured parties? Hope I make sense, in short have you heard of insurance issues showing up if you put a car in one of these trusts? Thank you for your input.

@ClintCoons Жыл бұрын

Best to run this question by your insurer.

@XavierIsraelMatamoros Жыл бұрын

Clint, as always thanks for the informative contect, but I’m confused. Let me see if I get this straight: I place personal assets into a Trust, not an LLC because there is no business purpose and that would defeat the asset protection purpose of the LLC? OTOH, I put my taxable brokerage account into an LLC, because the business purpose is investments, even though they are personal to me? Also, for the personal assets, such as cars, checking/savings accounts, the trustee should be a Wyoming LLC if my objective is anonymity?

@ClintCoons Жыл бұрын

You got it up to the cars etc. These are personal and should be in your name or a privacy trust. The satins/brokerage are investments and would be placed in an LLC.

@chizzyike 2 жыл бұрын

Excellent video as usual. Clint, you said that an LLC could be the trustee of a property trust. I thought that an LLC can be the beneficiary of a trust but not the trustee unless it is specifically approved by the state (a very difficult). Isn't the trustee supposed to be a natural person? Thanks.

@ClintCoons 2 жыл бұрын

Ahh that would depend on wether or not the trustee is serving as a professional trust company as typically defined by a company hat receives compensation for its services. Second, the person who has a claim in this situation is you I.e., you could sue your own LLC if you are not satisfied with its filing to be a trustee. :)

@paulmulryan9624 3 жыл бұрын

Have a question regarding asset protection. What about protecting my crypto investments? For example Crypto is the asset class and new and sometimes harmful regulation is being created. Most of the entities drafting regulation know very little if anything about the technology behind digital assets and the regulation can destroy the market on and off ramps. Is it possible to open an LLC in Wyoming and purchase digital assets through the LLC...well let me back up. After creating the LLC, them create another disregarded LLC though the 1st LLC, purchase the digital assets through the disregarded LLC and then dissolve the disregarded LLC? Or would it be possible to purchase the digital assets through the disregarded LLC. provide a lone from the 1st LLC to the Dis LLC securing the loan with a perfected UCC 1 against the digital assets as collateral?

@ClintCoons 3 жыл бұрын

I would just use one LLC. I plan to create a video in the next few weeks on this topic because I am receiving more interest in protecting this asset.

@sometimesifly_356 2 жыл бұрын

Would a irrevocable living trust or revocable living trust be best for this strategy? Or is it even a living trust? Could a vehicle that's still encumbered by a bank loan still be put into a Personal Property Trust?

@ClintCoons 2 жыл бұрын

A PPT is a revocable grantor trust similar to a living trust. You could put these assets into a living trust but your living trust typically has your name in its title.

@devindean9125 3 жыл бұрын

But my question is how then do you register the vehicle because most states still require a personal ID and Name to sign along with corporate entity’s on their forms??

@ClintCoons 3 жыл бұрын

Just as you described. The purpose of the entity is to provide AP. You may not obtain complete anonymity in your state.

@richardbranch9452 3 жыл бұрын

I disabled. Two questions. 1) Can I have my bank account (limited income) trust or vehicle trust or land trust with out LLC? 2) my friend suggested bank account (limited income) trust checking account and And a separate account just to pay bills how setup for protection?

@ClintCoons 3 жыл бұрын

You can set up a trust account for yourself but it will not provide asset protection just a smoke screen. I would tread carefully if you are receiving any form of Govt assistance to make sure any entity structuring you do will not impair it.

@richardbranch9452 3 жыл бұрын

@@ClintCoons yes sir, my friend suggested setting up (1) irrevocable trust for any inheritance [that don’t yet] and my vehicle [have] and any real estate [that don’t yet]. For long term and (2) Revocable Trust: deposit and transfer any remaining money from regular account after all expenses paid (which is $0.50 - $25.00 a month). and (3) regular check account where SS is regulary received. Usually use up all this for co-pays, medical, food, rent, and utilities. My question should have ask, is this a good organization. I have Lupus and Antiphossil Lipids. Had 10 strokes and with my diagnosis I am prone to stroke and usually after I while have hospital and rehab and in home physical and occupational therapy for 2-4 years. Jumped on to edit. Wanted to really thank you for your above response sir.

@jrnordlund 3 жыл бұрын

No taxes at the DMV for changing title, correct?

@ClintCoons 3 жыл бұрын

Correct

@alliesteamc3546 2 жыл бұрын

Should percent of a LLC be held in land trust or personal property trust?

@ClintCoons 2 жыл бұрын

That is too specific to answer because it always depends on the circumstances.

@joseph8558 2 жыл бұрын

How do you insure a car/RV that is titled in a Personal Property trust name?

@ClintCoons 2 жыл бұрын

The trust is the legal owner and you are the registered owner.

@rangerstrade2268 2 жыл бұрын

Would you use yourself or llc as trustee of PPT for bank account?

@ClintCoons 2 жыл бұрын

Yes

@AlonzoLivin 3 жыл бұрын

Would putting in this type of trust “call the note due”? (Mortgage or vehicle) & Would doing this type of change affect credit score in any way? Thank you got all the videos!

@ClintCoons 3 жыл бұрын

No this trust would not affect your credit or create a situation where a note is due and payable. This is a grantor trust.

@mtbjim1670 3 жыл бұрын

your credit should not be effected. if you still have a loan on X item, that is what effects credit, not actual item, the loan

@frankr7525 Жыл бұрын

Who is the named insured?

@ClintCoons Жыл бұрын

The entity holding the asset or you with the entity holding the asset as an additional insured.

@dman10000000 2 жыл бұрын

Would it be easier and better protected if the cars and personal accounts be put into a LLC?

@ClintCoons 2 жыл бұрын

No you do not want to put personal assets into an LLC.

@dman10000000 2 жыл бұрын

@@ClintCoons OK, thanks Mr. Clint...I need to change that because I have a brokerage account in a LLC and the business is investing.

@Dominus_Ryder Жыл бұрын

Can these strategies also work to protect your assets during a divorce?

@ClintCoons Жыл бұрын

They do not

@tamimedaoud9924 2 ай бұрын

Would offshore trust protect during divorce such as cook island?

@Clarinda787 3 жыл бұрын

Why couldn't you donate your personal property to your Wyoming holding LLC and the LLC gives you the benefit of using these things (car, camper, house, boat, etc.)? Would that create a tax nightmare?

@ClintCoons 3 жыл бұрын

No but remember the LLC is a business entity and placing personal items in a business entity will defeat its purpose. This opens the door for a creditor to attack all of your LLCs for being set up with asset protection as your sole motivation. An LLC will only provide protection if you have a proposed other than asset protection e.g., investments or real estate etc.

@mylifeexperiencebystephani6989 2 жыл бұрын

can i still do personal asset protection even if i have debt collectors calling me?

@ClintCoons 2 жыл бұрын

It is not recommended because any transfer could be set aside as a fraudulent transfer.

@MIAQrow 3 жыл бұрын

Can my texas llc make a california disregarded llc and rent from it

@ClintCoons 3 жыл бұрын

Yes but what is the purpose?

@minniesaadiq8371 3 жыл бұрын

Would this have an effect on getting car insurance?

@ClintCoons 3 жыл бұрын

No because the vehicle is held in a trust and not a business entity.

@johannamcarmen2853 3 жыл бұрын

Clint if I needed your help on setting up some of this how can I reach you??

@ClintCoons 3 жыл бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@ronaldharris5562 3 жыл бұрын

Would that Trust protect Bank Accounts from Child Support

@ClintCoons 3 жыл бұрын

No.

@brainiakuniversity 2 жыл бұрын

Completely lazy approach. Why half ass form a trust that “might” or “maybe” protect aggressive creditors? Just create an EIN or TIN trust. Or a foreign trust. Remove your social. Period. Edit: Protect your estate early. Help your family avoid probate.