Asset protection for entrepreneurship

I know its a basic picture but it essentially outlines how to clog a house and protect it.

How do you do it? What's your proposed solution.

Last idea I have is to just outright sell the house to an offshore company running out of Malta.

That takes a bit of pre-work though...

Seriously, explain to me what you would do. I am honestly all ears and want to learn.

 

Gift and borrow back
But you have to understand how the claw back provisions work and how to make an effective gift. Estate planning needs to be considered in conjunction.

 

I don't gift at all it's unrelated parties for all intents and purposes...

 

Hence whey it is a legitimate mortgage/writ of possession over the title... as the 'owner' owes someone else first...

 

Who will own the shares in the maltese company ?

FIRB approval will also cost you at least 5,600 aud on top of the company setup costs.

 

Not to mention the land tax and the extra stamp duty!

 

I am not sure what you mean Greg.

 

I think you may be thinking that merely registering a mortgage on title gives indefeasibility. It does to a degree but this doesn't mean the mortgage will hold up. I can think of 4 ways a mortgage won't.

You can't just lodge a mortgage and instantly gain asset protection as easily as that.

 

+101 Its on most of my stuff since Mid December. I even use it for work. I dont need it (yet) but choose to use it to login at work or remote access. I now need five sequential independent access matters (login, password, 2FA) for one lot of software (BGL). And seven for anything tax related. All tax agent etc ATO systems will soon require 2FA)

Google Authenticator is free and across the two core phone and device platforms + windows. Everyone seems to include it as a option

If I lose my phone I may just take the day off. (I did leave it home a few weeks back) - I locked it remotely. Authenticator cleared all links and so did tap and pay. I had to set them all up again)

 

Australia and Malta have a DTA and tax data sharing regime.

 

Price Financial WP Admin doesn't have two factor authentification. PTS didn't either until Greg pointed it out.

I also moved the admin folder thanks to his suggestion. your one sits at /wp-admin. same as mine prior to the change. he highlighted some good security tips for my site.

 

if you don't actually owe the trust any money how is there any protection?

 

Here are some more tips that i wrote which are relevant to this thread:

Legal Tip 251: Trust taking mortgage over personal property for asset protection Legal Tip 251: Trust taking mortgage over personal property for asset protection

Legal Tip 223: Indefeasibility and the Torrens System Legal Tip 223: Indefeasibility and the Torrens System

Legal Tip 257: Dangers of having a friend act as trustee and mortgage your property Legal Tip 257: Dangers of having a friend act as trustee and mortgage your property