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Asset Protection Idea
I came across the asset protection idea below a while back on a message board and think it has merit.
I sent it to a friend who thought the person who wrote it was a sad individual. He said if someone is such a poor judge of asawa material that they think they need to do this to cover their ass then no surprise if the relationship turns rotten on them.
I understand where he is coming from but at the same time I have herd so many horror stories and observed many relationships break downs and guys get shafted.
There is no other person in the world I would trust more than my wife and while it is not applicable to my personal situation the basic principle is still valid for any dealings one might have in the Philippines.
Here is the asset protection idea:
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So you met that special Honeyko & your on the path to Marraige or Honeykoism for life. It happens.
A few crusty old timers advised me years ago.
If you purchase a Jeepney, Trike, Land, Sari-Sari Store, House, Bar, Car, for you & your honeyko, her family, etc etc. GET A 50 YEAR LEASE ON THAT ITEM AT THE TIME OF PURCHASE!
Visit an Attorney & have the Attorney draw up a lease in your name "only", seperate from any relationship. The Attorney will advise you that it's legal for a Foreigner do possess a 50 year lease contract in The PI.
BE CREATIVE & put everything in that lease you can to suit your situation.
An example - You and your Honeyko are married. Together you buy a 500 sq. mtr. lot or house in AC. The title of the lot will be in both names.
BUT, at the same time, ensure that you do a 50 year lease on that lot. The lease will show that you are leasing that lot from the center of earth to outer space, all future structures built on that lot, goats, dogs, that may stray on that lot belong to you for 50 years.
Include a statement that "In the event of my death, the person or persons named in my will, have the rights to the land for the duration of the lease"
Use any realistic amount like p10,000 per year and have it written that the 50 year lease has been "paid in full" and have your honeyko sign a receipt made out to you. Your not actually paying your honeyko. This is just another way to avoid getting fucked.
The fact that you have that lease will be entered on the rear of the title of the land for all to know that you have a 50 year lease on that parcel of land. It can't be sold of fucked with.
Immediately do a will and name a person/s as the one who will assume the rights to the lease. (This is so honeyko knows up front that if you "mysteriously" die, she ain't getting shit until the lease expires).
Make sure all this shit gets properly notarized, and entered at the Registrars office.
Remember, YOU are the one paying for this major purchase and Honeyko is the one benefitting from this purchase.
If she refuses to sign the lease then the bells & whistles should start going off in your head.
"GET RID OF HER ASS IMMEDIATELY" because she's been busted, knowing that she can't toss your ass out & move her boyfriend & family in because you have the lease.
Remember!
Purchase anything big with or for your Honeyko GET A 50 YEAR LEASE ON THAT ITEM AT THE TIME OF PURCHASE! or you're gonna get Fucked!
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I do not know the author of this and would be happy to give credit anyone can advise.
Posted: Sunday 5th June 2005, 7:30 AM
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