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Post by matisse on Oct 11, 2020 15:01:45 GMT -5
Hey all, Here's an update: After talking to Shari Evans she recommended I get a mentor through the Small Business Administration because she also believes what I need is help making an entity that is legally separate from my assets. I met with a counselor and he is looking into it and is trying to find me a legal professional who knows about asset management, tax law, and is willing to read up on PA Medicaid regulations. I'll keep you all posted... Yeah that was my suggestion. But like I said, this option needs people you can trust. And make sure you are able to follow the medicaid rules to the letter. Do not sign ANYTHING that is not accurate and true.
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Post by Experimentalist on Oct 11, 2020 15:28:43 GMT -5
... Like incorporating a business where you own no shares but have all of the power to run it? This would prevent others from taking your money, but they would have to deal with the tax implications of owning shares. I don't know the US rules, but I agree with matisse about looking into incorporating. Perhaps you can own all the shares. I own a limited company here in the UK with a nominal share value of a pound. That won't be registered as an asset until I sell some shares. You might also be able to have the company buy things that you yourself use so you can benefit from it without officially taking an income (making sure to stay within the rules of course).
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