Hold your personal property such as autos in a personal property trust. In the last tip I was sharing with you about a thing called land trusts, there’s another kind of trust that I dearly love called a personal property trust. Personal property trust is a different kind of trust than a land trust. Personal property trust holds. Guess what? Personal property. So in other words, a land trust holds land. If it has a legal description attached to it, then that goes into a land trust.
A personal property trust, on the other hand, is everything else in your life. Stocks, bonds, mutual funds, bank accounts, cds, mobile homes, motorhome, gun collections, coin collections, everything else in your life can be held in a personal property trust.
How powerful is that? And yes, I said vehicles. Think about the highest liability thing that you probably have in your life. It’s that vehicle. And Oh my gosh, if you’ve got teenagers, it’s not if but when they’re going to have a wreck and all of a sudden now that can fall back on the parents and if there’s a judgment, everything that you own is literally at risk. Now, am I trying to terrorize you? Absolutely.
I want you to understand just how important and powerful that it is that when you own assets in your own name, you are completely at risk. In the United States of America, 82,000 lawsuits filed every day in this country, most litigious society on the planet, 95% of the world’s litigation, something that we should not be proud of and so the only thing we can really do is to plan in advance and make sure that we can’t lose. Now, I encourage you to go to streetsmartinvestor.com and click on tools and look at Volume Five Personal Property Trusts..