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Amazon Prime Dayâs 6 Most Ridiculous Deals in 2022
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
How to Choose a Trading Strategy That Fits Your Skills and Needs
For active traders, the difference between profits and losses boils down to your trading strategy and how closely you stick to it. But some strategies are better suited for some types of traders than others. Learn how to choose a trading strategy thatâs ideal for your unique traits as a trader.
The post How to Choose a Trading Strategy That Fits Your Skills and Needs appeared first on Money Crashers.
Join a Community Supported Agriculture Program to Save on Food
Eating healthy is a lot easier when a giant box of farm-fresh organic vegetables arrives in your kitchen every week. If you participate in a Community Supported Agriculture (CSA) program, youâll get just that. Youâll also likely develop a love of new and unusual veggies (radicchio, anyone?) while you get the added benefit of saving [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
The Cost of Living in Colorado in 2022
Make sure your move to Colorado stays within budget with this cost of living breakdown.
The post The Cost of Living in Colorado in 2022 appeared first on The Rent. Blog : A Renterâs Guide for Tips & Advice.
9 Ways to Make Money With Online Sales
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Dear Penny: My Boyfriend Can’t Afford My Lavish Lifestyle. Should I Dump Him?
Dear Penny, I am debating my relationship because of materialistic things: My boyfriend is not drop-dead handsome, and he is not financially lavish. However, he is very determined and has started a good healthy lifestyle, exercises regularly and eats healthily since Iâve asked him to take care of himself. He is very generous when I [â¦]
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Protecting Your Home from Lawsuits with a Dynasty Trust
Entrepreneurs can provide essential groundbreaking advancements for industry and society. Unfortunately, while being an entrepreneur can offer lucrative financial rewards and great satisfaction, it has its share of risks, as well. Not all of those who follow this path are happy with some of the side effects that go along with being a successful businessperson. They can put the entrepreneur at risk for lawsuits, both legitimate and frivolous.
- SEE MORE Iâm Retired. Should I Pay Off My Mortgage?
Tech industry innovator Steve is just such an entrepreneur. Successful in his pursuits, Steve now has a large estate he wants to protect for his children. He is especially interested in safeguarding his $10 million-plus Silicon Valley home for his family. Â
The Right Irrevocable Dynasty Trust Brings Peace of Mind
Concerned about the potential for lawsuits in this litigious industry, Steve gets busy. On advice from counsel, he sets up an irrevocable dynasty trust for his wife, children and grandchildren using the Nevada more protective trust laws. Using his generous $12.06 million federal gift tax exemption, Steve transfers the title of his house to a single member LLC and then deposits the LLC interest into the trust. Then he rents the house from the LLC at fair value rent.
This LLC/trust strategy removes the value of the home from his gross estate for estate planning purposes. And more importantly, he becomes a tenant (not an owner), so the home will not be at risk in case of an unforeseen lawsuit.Â
After doing this, Steve feels secure that his business can continue breaking new ground while protecting his existing estate from future misadventures.
What Happens When Lawsuits Crop Up
As time goes on, Steveâs company ends up having to recall a defective product, and lawsuits ensue.
While his business takes some hits, the significant equity in Steveâs personal residence is safe because he established a legal entity separate from himself and his business that could not be liable for the businessâs legal claims. Litigants considered attacking the trust, but after determining that road would be expensive and uncertain, they decided against it. Steve was able to avoid the personal liability of the lawsuit with a very modest monetary settlement instead. So, his home was never at risk.
Are You a Candidate for the LLC/Trust Lease-Back?
If you reside in a state with a modest homestead exemption from judgment creditors and wish to protect the equity in your home from future lawsuit judgment creditors, you are likely a candidate for the LLC/Trust lease back strategy.
For example, California limits the protection of home equity to the greater of 50% of the medium value in your community up to a maximum of $600,000. There is no protection for equity in a second or vacation home.
To learn more, please view our video, Protecting the Equity in Your Residence.
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