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Misc Doesn’t Talk About The Richer You Get The More It Costs You
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07-27-2022, 09:41 PM
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#1
- MuscleXtreme
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- MuscleXtreme
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Misc Doesn’t Talk About The Richer You Get The More It Costs You
The misc never talks about how when you have a high net worth, the more insurance you need to have. If you’re in a car wreck, if the other driver sues and finds out your making a lot of money, have a lot of investments in your 401k, or Brokerage account then they will try and get a larger piece of you.
Now you have to take out the largest coverages and get umbrella policies.
Now you have to take out the largest coverages and get umbrella policies.
07-27-2022, 09:50 PM
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#2
- stevemckenna
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- stevemckenna
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So your solution to this is to stay poor?
07-27-2022, 09:52 PM
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#3
- bertishere
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- bertishere
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don't flex your wealth..
i know, easier said than done, but i know a couple people that are rich af but live a pretty modest lifestyle.
i know, easier said than done, but i know a couple people that are rich af but live a pretty modest lifestyle.
07-27-2022, 10:12 PM
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#4
- SoutheastBeast1
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This is why I just bury all my money in shoe boxes in my backyard.
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
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07-27-2022, 10:15 PM
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#5
- MEDITATE
- cockroach indians
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Not really.... im at ~ $250k A.T and my insurance is still the same,owb a chevrlot groove 2022 and live in a 1 br apartment (rent = $1.4k including utilities)
My way of life hasnt changed for the last 20 years... i dnt squander my money
Anyone who puts hos money in a 401k is stupid... have an overseas account were all my money goes to.
Our politicians and tax makers can go suck my 15 inch cock "srs"
My way of life hasnt changed for the last 20 years... i dnt squander my money
Anyone who puts hos money in a 401k is stupid... have an overseas account were all my money goes to.
Our politicians and tax makers can go suck my 15 inch cock "srs"
Cherish your life. Live to tell your story
07-27-2022, 10:25 PM
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#6
- MrDevereaux
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- MrDevereaux
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Not just that but people always seem to end up matching liabilities to assets.
I'm doing alright but I have friends in London pulling in serious money. Yet after the house, range rover to ferry the kids to school and 3 children in private school, higher tax bracket as well as the Maldives vacations, etc, they often don't seem to be able to put that much cash away. I remember as a junior lawyer going to some Partner's house for a barbeque (it was as bad as it sounds) and the dude's place was less nice than my own, lol. Completely discouraged me from putting in the serious effort needed to eventually make Partner and am on chill mode now.
I'm doing alright but I have friends in London pulling in serious money. Yet after the house, range rover to ferry the kids to school and 3 children in private school, higher tax bracket as well as the Maldives vacations, etc, they often don't seem to be able to put that much cash away. I remember as a junior lawyer going to some Partner's house for a barbeque (it was as bad as it sounds) and the dude's place was less nice than my own, lol. Completely discouraged me from putting in the serious effort needed to eventually make Partner and am on chill mode now.
07-27-2022, 10:27 PM
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#7
- Jasonw1178
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- Jasonw1178
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OP: Rent is due in 4 days.
07-27-2022, 10:32 PM
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#8
- andyray
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- andyray
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Originally Posted By bertishere⏩
This is the way to go, people who brag about being rich 99% of the time aren'tdon't flex your wealth..
i know, easier said than done, but i know a couple people that are rich af but live a pretty modest lifestyle.
i know, easier said than done, but i know a couple people that are rich af but live a pretty modest lifestyle.
07-27-2022, 10:40 PM
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#9
- whitepaper
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- whitepaper
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Cheap new money detected
2014 Misc Resolution: Negging no pics (screen captures of text don't count as pics)
HairyWBush Reps for life - Hamster Compassion: https://forum.obnoxiousbrutes.com/showthread.php?t=181804893
07-27-2022, 10:49 PM
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#10
- r32gojirra
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- r32gojirra
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It’s only expensive in relation to personal income taxes.
For everything else, being rich is waaaaaaay cheaper
Now being poor - that’s expensive af
For everything else, being rich is waaaaaaay cheaper
Now being poor - that’s expensive af
07-27-2022, 10:56 PM
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#11
07-27-2022, 10:58 PM
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#12
- MuscleXtreme
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- MuscleXtreme
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Originally Posted By metroins⏩
Didn’t know that the 401k was protected up to $1 million. I’ll have to check to see if covers a Roth IRA as well.Umbrellas are $200-$1,000 a year depending on coverage.Www.personalumbrella.com
Your 401k is a qualified retirement account and in most states is immune from civil liability typically up to $1 million due to ERISA.
Place your assets in trusts or corporations and separate them. A high likelihood of a major lawsuit can occur from vehicle accidents. Place your vehicles in an LLC and make sure you're driving for business reasons. Keep minimum assets other than vehicles in that LLC to separate your risk. Your home should be in a trust if it's paid off.
Your 401k is a qualified retirement account and in most states is immune from civil liability typically up to $1 million due to ERISA.
Place your assets in trusts or corporations and separate them. A high likelihood of a major lawsuit can occur from vehicle accidents. Place your vehicles in an LLC and make sure you're driving for business reasons. Keep minimum assets other than vehicles in that LLC to separate your risk. Your home should be in a trust if it's paid off.
07-27-2022, 11:03 PM
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#13
07-27-2022, 11:04 PM
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#14
- LinuxJon
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$1m Umbrella for a single person with a decent driving record is like $150 a year man. lol
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07-27-2022, 11:06 PM
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#15
- MuscleXtreme
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- MuscleXtreme
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Originally Posted By andyray⏩
Easier said than done against a determined person who wants to see what they can get.This is the way to go, people who brag about being rich 99% of the time aren't
For example, let’s say you accidentally rear ended someone. That person then claims whiplash, and claims pain and suffering as a result of the wreck. That person then contacts an injury lawyer, who does an investigation on you and finds out that you have a net worth of $5 million, or $500K a year and they sue you for 35% of your salary or go after you net worth. Your auto insurance may only cover $300k.
What are you going to do? Doesn’t matter if you were driving a Kia Soul versus a Rolls, they’ll still be able to find out if determined. You’re right in that it reduces the chance that they investigate though and that’s worth something.
07-28-2022, 10:06 AM
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#16
- MuscleXtreme
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- MuscleXtreme
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Originally Posted By metroins⏩
Is that only if your net worth is equal to or greater than $4-5 million?Death claims usually end up at 4-5 million.
The only thing the 1 mill umbrella is good for is covering legal expenses once your auto insurer decides to pay out their 250k and stop defending you. The umbrella keeps them in the game longer.
For real protection you need 5 mil umbrella.
The only thing the 1 mill umbrella is good for is covering legal expenses once your auto insurer decides to pay out their 250k and stop defending you. The umbrella keeps them in the game longer.
For real protection you need 5 mil umbrella.
If someone has a net worth of $3.5 million probably only need $3 million umbrella then right?
07-28-2022, 10:54 AM
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#17
- Duckliver
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- Duckliver
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Who the fuk doesn’t keep their excess millions in a trust
Go ahead and sue me. I’m worth a lot less than people would assume. And will magically make money appear again after I go bankrupt or pay out.
Not to mention this way of losing your money is ridiculously rare compared to the normal way of gambling on chitty investments, bad businesses, too high of a lifestyle run on credit, etc..
And is directly due to said persons actions, ie if you read end someone, pay out you old Asian woman driving fgt.
Go ahead and sue me. I’m worth a lot less than people would assume. And will magically make money appear again after I go bankrupt or pay out.
Not to mention this way of losing your money is ridiculously rare compared to the normal way of gambling on chitty investments, bad businesses, too high of a lifestyle run on credit, etc..
And is directly due to said persons actions, ie if you read end someone, pay out you old Asian woman driving fgt.
07-28-2022, 11:01 AM
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#18
- Duckliver
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- Duckliver
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Originally Posted By metroins⏩
We use multiple layers of trusts but yes the biggest pie is held in one, and can hold pieces of it in others etc.. depending on how you get at it to make it liquid.Better be an irrevocable trust.
It’s a giant pain in the ass and I don’t even fully understand it but my family’s been in banking long enough they have it squared up tight.
07-28-2022, 04:42 PM
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#19
- N0stradamus
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- N0stradamus
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Only "new money" thinks like this.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
Everything I post is satire.
Tricknology Grand Master.
07-28-2022, 10:26 PM
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#20
- MuscleXtreme
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- MuscleXtreme
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Originally Posted By metroins⏩
Makes sense.I disagree with that sentiment.
If your networth is 750k and you have a 1 million umbrella and 250k underlying policy.
A person dies and sues for 4 million.
Policies pay 1.25 million
Leaving you with 2.75 million in debt. You'll need to file bankruptcy and liquidate most of your 750k networth you accumulated and then continue to make payments on the judgement depending on the bankruptcy court ruling.
So personally I believe you purchase a $4-5 million umbrella to cover the potential loss and keep your 750k networth.
--
Same deal if your networh is 3 million. If the judgement comes at $4 million you'll need to pay $1 million out of pocket.
If your networth is 750k and you have a 1 million umbrella and 250k underlying policy.
A person dies and sues for 4 million.
Policies pay 1.25 million
Leaving you with 2.75 million in debt. You'll need to file bankruptcy and liquidate most of your 750k networth you accumulated and then continue to make payments on the judgement depending on the bankruptcy court ruling.
So personally I believe you purchase a $4-5 million umbrella to cover the potential loss and keep your 750k networth.
--
Same deal if your networh is 3 million. If the judgement comes at $4 million you'll need to pay $1 million out of pocket.
07-28-2022, 10:28 PM
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#21
- MuscleXtreme
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- MuscleXtreme
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Originally Posted By N0stradamus⏩
The trustee of a revocable trusts can still be sued. The trustee of an irrevocable trusts can’t be, sued. But then someone controls your assets, why would I want to do that unless I was dead?Only "new money" thinks like this.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
07-28-2022, 10:37 PM
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#22
07-28-2022, 10:42 PM
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#23
- FrankCostanza
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- FrankCostanza
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Originally Posted By MuscleXtreme⏩
Buy an umbrella policy for your car insurance.The misc never talks about how when you have a high net worth, the more insurance you need to have. If you’re in a car wreck, if the other driver sues and finds out your making a lot of money, have a lot of investments in your 401k, or Brokerage account then they will try and get a larger piece of you.
Now you have to take out the largest coverages and get umbrella policies.
Now you have to take out the largest coverages and get umbrella policies.
I'm not here for rage. I'm here for revenge!
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07-28-2022, 10:44 PM
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#24
07-28-2022, 10:50 PM
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#25
- LinuxJon
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Originally Posted By Duckliver⏩
An irrevocable trust is not a good tool for sheltering someone from liability. Especially when the cost to simply create one would be like 20x the expense of just buying insurance.We use multiple layers of trusts but yes the biggest pie is held in one, and can hold pieces of it in others etc.. depending on how you get at it to make it liquid.
It’s a giant pain in the ass and I don’t even fully understand it but my family’s been in banking long enough they have it squared up tight.
It’s a giant pain in the ass and I don’t even fully understand it but my family’s been in banking long enough they have it squared up tight.
Originally Posted By N0stradamus⏩
It's not really a "new money" thing. If your net worth is between say, $1m and $10m dollars, you're "rich" to most people who would want to sue. But not nearly rich enough to tie up your worth in the various potential shelters.Only "new money" thinks like this.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
The ultra rich (with generational wealth) transfer the bulk of their assets into trusts or non-profit "charities" which shields the money from legal liability.
480s / 370b / 495d / 235 x 2 SOHP
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