Asset Protection

[jen10001]

I'd like to finally get my major finances in order including existing asset protection for the future.

My current situation is as follows:

1) Primary Residence (homesteaded since 2002) in NV, owe approximately what it is worth. I'm not having problems making the payments, have 9 years left on a low-rate 15yr loan, and need a place to live, so it is as good as anyplace else.

2) Vacant Land (no rental income) owned free and clear in California purchased in 2000 and paid off in 2005, value of approximately 250K.

3) I am unmarried, no children, both properties are held personally (ie as a single woman), and have great credit.

4) I have no credit card debt, no skeletons that I'm aware of (ie upcoming or active lawsuits/liens/ex-husbands), no auto loan, plenty of insurance coverage, etc.

I am constantly told by practically anyone with a heartbeat that I should put my properties in a trust/LLC/etc., but am concerned about doing the wrong thing and messing up my situation down the road. Am less worried about protecting my primary residence as it is already well-encumbered, but would obviously like to protect it down the road as the principal is paid down.


I have no issue spending the $ for a good attorney, but am wary of the fact that many supposed "asset protection" attorneys talk big, but might not really know what they are doing . What keywords should I be listening for when I speak to them for the first time, and what strategies should I be wary of? I've heard horror stories on other boards about lawyers suggesting trusts/etc that are completely worthless, and just looking for some guidelines to help me in my search for an attorney. Any help is much appreciated!