Bogleheads ? View topic - Legally Mine [Asset Protection Law Firm]

It appears to me that Legally Mine LLC is not a law firm, but is a company which sells online access to 90 different asset protection documents. It wouldn't surprise me if they had disclaimers about the legal effectiveness of their arrangements.

The online BBB lists 22 complaints about the Orem, Utah location. While most are listed as closed, remember that in BBB lingo, that means that the company responded--not that the customer was happy.

In general, in the past, when the person establishing the trust is the beneficiary, the only asset protection arrangements that worked are irrevocable trusts that do not allow the beneficiary (you) to control payouts; if you can control payouts, usually a creditor can force a payout. Also, in general, many states "look back" to asset transfers made out of a bankrupt person's estate (especially if a lawsuit was threatened at the time of the transfer) & require that the assets be returned. Plus, even if an asset protection trust is upheld, as the money is released to you from the trust for living expenses, a judgment lien holder can seize it.

I have read (online only) that on March 28, 2013, Utah passed a new law allowing special asset protection trusts. See utahassetprotection.org [warning: despite .org suffix this appears to be a site sponsored by a law firm &, as such, I'd tend to regard it as an advertisement]. I'm sorry that I have no information on this. If a law is new, it won't have been tested in the courts. So, you need to weigh the costs of following it in light of the risk that it might not be upheld. Nevertheless, It might be worth taking a look at that.

Bottom line: consult with a good law firm in your state who is experienced in asset protection and bankruptcy laws. I know it's painful to pay for lawyers' time, but buying doc's off the internet & transferring control of your assets to some trust firm you don't know personally....Yikes, I'd be cautious.

Obviously, none of the foregoing is legal advice. What's that ad about "i read it on the internet, it must be true...Bonjour!"

One final caveat: LLCs and the like protect best when you respect the form. Make sure your entity is properly capitalized in its own name; keep assets separate; pay attention to state recordkeeping; etc.

Source: http://www.bogleheads.org/forum/viewtopic.php?f=2&t=114671&p=1669928

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