This is a downside protection move. Losing your assets in general can mean losing your house or having wages garnished. If you’re about to go bankrupt, get a divorce, or get sued, consider a move to Nevada or Florida.
By the way, I’m not a lawyer, so get a real one if you’re going to take this seriously.
Nevada
Nevada, known for cheap Elvis-led marriages, makes sense to have the best asset protection. You can create a trust to protect assets even for unborn children.
Nevada made legal for room for Self-Settled Spendthrift Trusts which hold your assets, outside the reach of creditors, while receiving income from those assets.
Florida
Florida has the most broadly-worded protection, which is why OJ Simpson likely decided to move there. The biggest reason is the homestead exemption which means no matter what debts you owe, your house will never be on the table. When you’re about to lose a lot of money in court, it pays to be house rich and cash poor, dumping as much as you can into your new home (and changing your residence) to Florida.
Florida also protects your pensions and retirement investment funds from judgement.
Moving to limit the impact of a judgement is an extreme move, so you won’t do this unless you really have to. However, Florida is warm and state income tax is zero. Couldn’t hurt.
If you’re still curious about asset protection, other states worth looking into include South Dakota, Alaska, Ohio, and Delaware.
