Author Topic: Asset Protection  (Read 864 times)

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mega*

  • bvd| capper/smasher
  • Join Date: Nov 2004
  • Location: Texas
  • Posts: 451
Asset Protection
« on: October 22, 2012, 04:17:48 AM »
I'd like to know if anyone in here is actually concerned about their money being wide open to the IRS and fraudsters. I just watched the IRS levy my parents assets for something that happened back in 2006. I don't want to be in the same boat for a mathmatical error on either side. Plus I want to start a retirement fund and there is no way I'm going to start one with a bank. To have up to 1/3rd of my savings taken from me years from now when I'm ready to kick back and spend it. Can anyone set me in the right direction. I'm not rich so don't say swiss annuities or gold certificates. Looking for a simple program that isn't secretive. Not trying to hide my money from creditors. Just want to protect it!

TXRedneck

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  • Posts: 1405
Asset Protection
« Reply #1 on: October 25, 2012, 03:12:02 AM »
My suggestion would be Roth IRA's or other IRA's at some degree. There are options for 10,20,30 years etc...;with or without penalties depending on how you want to set it up. You can find a rather reasonable CPA to lay out options and goals. There is also the investment options, but those are more likely to be seized if doo doo hits the fan.  You can also start a college fund for your child and that can't be touched as long as his name is on the account per the educational act or some shyt. It usually is a small fee to also have an accountant (CPA) look over past W2's and returns. With the ever changing taxable and non taxable misc items; you can come out on top more so then have a costly mistake. I'd do that asap especially if the Republican party takes presidency. I wont get into that, but before the new year I recommend having something already resolved or in the works.

Edit:

I forgot to mention ING, Safe Harbor or even TD Ameritrade. It really depends on your interests and time line. With ING you can pace your planning and adjust funds being set aside or invested. Investments can be misleading and tricky, but there's many stock options you can purchase for very small amounts. Basically; the better the stock the higher the options will be. Same with risk; pretty much a portfolio style of gambling on stocks. I'd be very careful and make sure to consult with someone who doesn't want a piece of your pie per say.

Before you make a decision take the time to talk to a consultant and or CPA. Bankers will in some factor try to make something off of you. For folks like us who are humble and live simple; I'd go the IRA direction. I will ask some questions about this as I'm about to start getting some things in order myself. I'll be more than happy to share w/e I find out.

My biggest advice to you younger fellas; start looking into these things now. I personally waited too long.
{TXM}-Longhorn-



 

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