CORONA VIRUS FINANCIAL CONCERNS – WHAT YOU CAN DO NOW
© 2020 By Howard Rosen, Esq., Donlevy-Rosen & Rosen, P.A.
Of course no one knows how we will come out of this crisis, but one thing is certain: there will be business failures with ripple effects.
Can you prepare in any way for what is coming? Can you protect your financial well-being from what is coming?
If you are a real estate investor with mortgages to pay and tenants whose businesses may fail or who may lose their jobs, you may be able to do something – now – but not later.
If you default on your mortgage, you could be liable for a deficiency judgment in favor of your mortgage lender (thus exposing your assets other than the mortgaged real estate to collection). However, if you protect your assets now, while you are current with your obligations, you can limit the lender’s collection efforts to the real estate collateral already pledged for the defaulted loan.
This can only be effectively accomplished with a properly structured and implemented offshore asset protection trust. How can you be sure your offshore trust is properly structured and implemented?
First, since a trust is a legal document, only an attorney should prepare a trust.
Second, and most importantly, only an experienced, qualified attorney who specializes in offshore asset protection trusts should prepare this type of trust for you.
– on how to select an asset protection attorney.
In addition, if you have a sizable IRA and you are a resident of a state which does not provide adequate protection for your IRA (as most states do not), you should consider our exclusive IRA protection strategy – see our home page for a short video.
Contact me with any questions: Howard Rosen, Esq., direct line: 305-459-3289 or Patricia Donlevy-Rosen, Esq., direct line: 305-459-3283.