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Q&A: Asset Protection Strategy Help Please?


Question by The Shoe In Your Face: Asset Protection Strategy Help Please?
I am 60 am have 0,000 in liquid assets and a bit more in real estate. I am having trouble getting good health insurance and need an asset protection strategy.
Will an LLC work for this?
Or what would be the best approach?
Please note that none of this money is in retirement accounts.

Best answer:

Answer by Chris
An LLC probably won’t be your best bet: it’s a pass-through entity for tax purposes and won’t really protect your assets. Your best bet would be to set up a Corporation (probably an S corp) or maybe a trust.

I’d talk to a tax lawyer. There are too many things that could go wrong here, and I don’t know your specific situation. You can get a free or cheep consultation from a tax lawyer who will look at your whole asset picture and help you make the safest decision.

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