Keep Your Assets

[Strawberry]

Hi Everyone,
A few years ago there was a thread having something to do with protecting investments. Someone had shared they'd used Keep Your Assets http://txti.es/invisiblellc, having Steven Michaels help them. He works with NM. We would like to have our LLC's set up in New Mexico as well.

What we are after is protecting our properties from being stolen from us through some kind of fraud or litigation. Nothing is going on now, just thinking ahead. We've been looking at establishing a church (which consists of two or more people joining together practicing their beliefs) and setting up several LLC's owned by the church. Each LLC will own a different asset, or run a different business. Does anyone follow me? Does anyone have recommendations of someone who can do this for me?

Thank you!
Strawberry

[JohnnyL]

I would skip the church part--the IRS comes down hard on it, and I see that soon there will be other laws (like the charitable laws now that limit churches in what they can do and say if they want to stay non-taxed).

I would go with a business.

You can have multiple businesses, and businesses owning other businesses, each containing their own assets.

One for a car, one for the house, one for the money and bank accounts, etc.

There are now other cheaper ways to form NM LLC's and receive legal documents in NM for them--for under $100/year.

[Mala_Suerte]

I haven't drafted a trust in a long time, so I'm a little rusty on the best setup, but the gist is that you have various business entities combined and interacting with different types of trusts. For example, a general partnership, which in and of itself has built in protections from liability, would own and populate a trust with your personal possessions. Putting items into a trust has the effect of limiting an adverse party from getting at them. There are many ways to set them up and if done incorrectly, they won't offer any protection.

The combination of business entity and trust are what will truly offer you the most protection.

[brianj]

I would be very surprised if anybody here provided you with support or advice on creating a church for reasons which should be obvious if you are a member of the LDS church or familiar with the doctrines.

[JohnnyL]

Churches are good for keeping assets. I am an ordained minister myself--that way I can do energy healing and have privacy privileges. I just think it's better to leave non-taxed churches to the rich imposters in California. ;)

[harakim]

By chance, I'm also an ordained minister!

[Rose Garden]

I would be very surprised if anybody here provided you with support or advice on creating a church for reasons which should be obvious if you are a member of the LDS church or familiar with the doctrines.

You'd be surprised, Brian. This isn't the first time it's been discussed here.