Thats a good one!!! So far, the best option presented!!!
Question, thou: do you just rub them out, or break knee caps???
LLC, probably the simplest way to do business and pay taxes. Keeps your tax burden very low as a single owner. Lots of things to write off including health insurance.
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Madoff and OJ are different.
Madoff plead guilty to a CRIMINAL charge.
OJ was found NOT guilty criminally. He only lost his wrongful death CIVIL suit.
Madoff situation is a court ordered restitution, they can go after any and everything he has. Not a “dischargeable” debt in bankruptsy. His wife’s “seperate” property claim, probably won’t fly!
In OJ’s case, they can go after any assets he has, and if he went bankrupt, all would be sold to satisfy any judgements. That’s a civil matter. However, they can NOT go after his retirement income. He will need that to “buy off” his fellow inmates! He will, however, lose any Social Security benefits he may have.
Bottom line, structure your assets in a manner they are “untouchable” in the event you do get a large judgement against you. With a crazy jury, even if you carry insurance, there is always a posibility the judgement could exceed your coverage limits.
AS Nic said, “make yourself collection proof”. Best survival advice I have heard in years!!!
Actually the advice I gave was to make yourself “collection proof” as it is impossible to make yourself “judgment proof.”
Sorry Nick, was my mistake, meant collection, not judgement proof, corrected the error.
A judgement doesnt mean squat, if you can’t collect it!
I have a drawer full of “judgements” against prior tennants, all of which are uncollectable. Have come to the conclusion, why bother to sue, just compounds the loss.
My only hope, is they win the lotto, then it’s a “gotya”!! So, those of you who buy a lotto ticket, and win the big one, off shore it, and then plead poverty!!!
I am sure any good attorney or CPA, can advise you of the best way to shelter your assets, Your best line of defense in this law suite happy world, is a good exit plan!