this past weekend on real estate investing and part of the presentation was not only about making money as a real estate investor, but keeping it. Here's a quote from one of the presenters...
"Never do anything solely for the purpose of asset protection. A really sharp attorney could drag you into court and prove that the only reason you set up a trust or a partnership was to protect your assets. This trust or partnership could then be undone if the attorney proved that this was your intent. It's called a "fraudulent conveyance." Never use the words "asset protection" and always state your reasons for creating trusts, partnerships, and corporations are for estate planning or tax purposes." |
