What’s the Connection Between the King of Rock, Elvis Presley, Oil King H.L.Hunt, & You Having a Home at Lake Chapala, Mexico?

September 21, 2013

Elvis left daughter, Lisa Marie Presley, an estate said to be worth $10 Million Dollars. After the tax man collected the government's share she was left with 70% less (Just 3 million).
Texas Oil King H.L.Hunt left an estate worth about 2 Billion USD in 1974 (back when a Billion was worth a Billion). That's about US$7.6 billion in 2013 dollars.
Before he died he spent part of the time at his mansion on White Rock Lake in Dallas where in nice weather he used to sit on the front porch enjoying the Lake View.
When I was a Dallas Police Patrol Officer his mansion was on my beat. (That's it in the photo above)
I never met the gentleman, but he was known to be supportive of the rank and file police officer.
When I passed his Mansion, if I saw him sitting on his front porch, I’d wave and he would wave back. Cool ! I once met H. Ross Perot too, but that’s a story for another day.
When H.L. Hunt passed, all the tax man could lay claim to was
a pick-up truck worth about US $2,000 and of course that wasn'’t worth going after.
As a former lawyer one of the things I like best about living at Lake Chapala is that there’s not a hungry ‘tort' lawyer; hiding behind every tree ready to pounce on a home owner's assets.
Why? Because Mexican law is more protective with a higher degree of negligence required for recovery.
So you need not fear baseless lawsuits like in the USA.
In the USA today almost everyone can be targeted for a law suit. Indulge me an example.
My brother once had a business that included our family name “Grosvenor”.
One day I got a call from him saying he was being sued for negligence. Why? Because he had filed an assumed name at the County Courthouse as required by law disclosing who the owner of The "Grosvenor" business was.
Apparently some lady had slipped and hurt herself in one of our large Dallas malls owned in part by the ultra rich Grosvenor family in the United Kingdom (home of the original Grosvenors)
The lady found herself a tort lawyer who was looking for someone to sue. He filed suit against my brother just because his name was "Grosvenor".
Now, had my brother, not had a brother who was an attorney, he would have had to go hire one to appear in court to defend him … or the court could have entered a default judgment against him if he had just ignored it.
I fired off a letter to the attorney involved demanding that the suit against my brother be immediately dropped with prejudice (meaning it could not be re-filed against him).
Now, I believe we need Tort lawyers, just not ones like that one.
The USA has 5% of the world’s population, 80% of the world’s lawyers and file 90% of the law suits. There’s a lawyer for every 252 Americans.
Is your nest egg growing smaller or the value of your home falling?
How will cash strapped municipalities (Can you say Detroit) and states keep up with the sky rocketing costs of paying their bills?
Is the value of your home going down while your taxes are going up?
Even if you live in an area not yet affected I believe that the more assets you have in the United States, the more at risk your wealth is.
Why not diversify a major part of the value of your assets off shore at Lake Chapala, Mexico? As more and more people do this the value of your home at Lake Chapala will likely appreciate.
Plus, you get to live in your investment … with very low carrying costs like extremely low property taxes (Under 2% in most cases).
A new $200,000 home here is taxed about $350 USD per year in property taxes. That's 0.00175 of the value.
Yes, you read that right, per year, not per month.
You can save the money you used to give the tax man to send the grandkids to college or take the world cruise you promised yourself if you ever won the lottery.
Simply put, residency at Lake Chapala in a home you own in fee simple absolute (that's lawyer talk for "it’s yours") just plain makes sense on a variety of levels.
Did you know that you can own a second home in Mexico (whether for investment or personal use) and you need not report it to US Tax Authorities?
Real estate outside of the USA of course is the ultimate asset protection strategy because it can’t be seized and repatriated to the USA.
Add the savings in taxes along with the other savings in living expenses here at Lake Chapala and you’ll find you can likely afford to have servants too.
No. we’re not taking unfair advantage of the local folks. They welcome having a job. It’s truly a win-win for both the local people and we retirees. They’re protected by law and get vacation time, time off for holidays and a Christmas bonus to boot. (It does not come to a lot of money, but is greatly appreciated.)
No ugly Americans here. We’re the ones who keep local charities going thru our volunteer efforts and fund raisers and hands on help. We contribute to the local economy without taking many of the jobs.
A Mexican residency visa, gives you full access to the local banking system, financial services, and equity markets.
Mexico is growing, young, vibrant country full of hope for the future despite the drug violence in some areas.
You will feel safe here, because you are safe here. If we were not, we would be losing North Americans, but we’re gaining new converts every day. Come see for yourself.
You can do it. I can help.
E mail me and let’s set up a free telephone consultation on my dime to answer your questions.
Let’s get started on your new life of safety, savings and asset diversity at safe, beautiful and affordable Lake Chapala today.
All for now, Tu amigo, Sid

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