"Asset Protection Made Simple" Has anyone bought this?

Hi all,

I saw this for sale in the latest API mag (Jan.) in the Business Mall ad at the back. It is an Audio CD + booklet by Robert Balanda, a solicitor I believe, who also wrote an article on asset protection in the same issue.

I was wondering if anyone had bought it, and what they thought of it?

Cheers,

M

I haven't hear that one- I have heard "options made simple" (property options) and "Joint Ventures made simple". Both are short (a single CD, 35-45 minutes)- but contain good information, in areas not covered elsewhere.

He has also produced "Clauses Made Simple".

However, for the money ($150 I think) I'd want to make sure that info is of use- I'd suspect that Dale's "Trust Magic" book would give a lot more info at a cheaper price.

Hi Martin

I have not seen the full product, however, I have seen a power point presentation by Rob Balanda that I believe makes up part of the product. It is very, very good and I have no doubts that it will be money well spent if you have an interest in this matter.

Dale

ps - and yes, Geoff, I would recommend it over and above my own book because it deals with so much more on the subject of asset protection.

Martin Vdb said:

Hi all,

I saw this for sale in the latest API mag (Jan.) in the Business Mall ad at the back. It is an Audio CD + booklet by Robert Balanda, a solicitor I believe, who also wrote an article on asset protection in the same issue.

I was wondering if anyone had bought it, and what they thought of it?

Cheers,

M

Click to expand...

Thanks for the replies Geoff and Dale,

Will have to add that one to my wishlist I think.

Regards,

M

just a quick question on asset protection. i went of to see a new accountant yesterday (after my last accountant lost me 8k last year by not filling out the correct forms). anyway i told him as i have a company, eventually i want a trust fund attached to buy property etc through.
i said that as i was single i didnt want some future ex wife taking everything i've worked hard for etc.
he replied that the courts would take halve of my assets anyway, whether they were in a company/trust or not.
is this true?
thanks
shaun

asset protection

if you own property in your own name or a company name you are already open to litigation, thru being sued or whatever regardless of the possibility of an ex partner coming along in the future. A trust structure separates categories of activities which have different risk profiles while protecting the ultimate benefit of the assets through the trust. You need to find an accountant who understands trust structures and property investing or is a property investor. If they say you don't need one or tell you your not protected anyway.....Keep looking until find one that will help you, in most cases the cost associated with setting up a structure is the reason that don't recommend it.
I say pay a small price now or be prepare to pay or lose it all later.
hope this helps

thanks for that. its what i thought.
i told him when the time comes i will be setting up a trust fund anyway.
my initial plan was to not own anything in my own name, just in case something happens. if he doesnt like it then i will just find another accountant.
thanks for your reply
shaun

shaunwalker said:

thanks for that. its what i thought.
i told him when the time comes i will be setting up a trust fund anyway.
my initial plan was to not own anything in my own name, just in case something happens. if he doesnt like it then i will just find another accountant.
thanks for your reply
shaun

Click to expand...

If you want to send me a PM, I can give you the name of an accountant who understands trusts, invests in property (at least 2nd generation investor) and is located in Canberra. My wife interviewed about 8 or 9 firms, and usually came away with her blood boiling, saying that they were so ignorant or short sighted (2-3 year time frame max) that she should have been charging them for time.

shaunwalker said:

i said that as i was single i didnt want some future ex wife taking everything i've worked hard for etc.
he replied that the courts would take halve of my assets anyway, whether they were in a company/trust or not.
is this true?
thanks
shaun

Click to expand...

My understanding is that the Family Court can ignore Trust structures as a way to protect assets. But Im not a lawyer .

See Change

i always thought that if you got into trouble, you just transfered ownership of the trust to someone else for a while.
i know it would cost you money but it would still be cheaper than losing everything.

shaun

1.
Trusts funds are legal matters which is why accountants don't know the details. You need to talk to a laywer who specializes in trusts.

2.
"transfered ownership of the trust" "trust fund attached "
The first problem here is with proper definitions, trusts don't have an owner nor are they "attached" and as these are legal matters wording painstakingly counts.

As for assets held in trusts for which you are the primary beneficiary, these can be brought in the "asset pool" during divorce proceedings, regardless of who the trustee is. And of course replacement of trustees and appointors makes no difference.

It seems there is almost no escape from the Family court where you are in control, seen to be in control or the main benefiiciary, regarldess of how long they've been owned or how they were acquired.

Also to note that I burst out laughing when one of the so called "top asset protection lawyers",the "laywers consultant" answer to this question was "Best protection is if they don't know".....

Trump was right, get a pru-nup!

dont consider this as advice, talk to a laywer!

ps www.familycourt.gov.au for more info and previous cases