Colin and sometimes Shreya talk about asset protection, estate planning, and running a business with your family and/or partner on a semi-daily basis. Are you often the one bringing extra snacks or mittens on your hike "just in case?" What if someone forgot warm layers? What if you're stuck out there longer than you thought? You may just be worriers who like to prepare for "situations developing" like us. Once you're better prepared, you can live more carefree and enjoy that hike/vacation/life. When it comes to preparing the legal stuff, often, the hardest part is just getting started. We're here to be your guides through this process and make it easier than you thought it would be.
People ask if they are guaranteed not to lose a single dollar if they invest in an asset protection plan. While that would be a nice guarantee, it is not how asset protection planning works. Your assets will be more protected from loss with a plan in place. Listen in to see what kind of guarantee you can get and how asset protection works with the threat of a lawsuit.
After you form an asset protection trust, are your assets automatically inside the trust? If not, what do you need to do to get them inside?
You might be wondering if you should put your car in an LLC or trust for asset protection. Unless the car is a very valuable collector item (that you do not drive often), you should not put a car in an asset protection structure.
One fundamental difference between offshore and domestic asset protection planning is the court systems. This might actually be the root cause for why so many people seek out asset protection planning in the first place. The US court system is built for and serves to allow plaintiff attorneys (contingency fee attorneys) to take hard-earned money away from others. The ever-growing flow of frivolous lawsuits in the US, led to the creation of offshore laws and courts that provide more protections to the successful people targeted by these baseless lawsuits.
A holding company is a common asset to have within an asset protection trust. The holding company can be beneficial for a number of reasons as we discuss in the video.
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live? We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It's not hard to do. The catch is that for real estate you already own in your name, you can't erase the record of ownership. There will still be a trace of when you owned the property. For true privacy in real estate, it works best if you never take ownership in your personal name. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Another common question we get around here. To go offshore? Or stay entirely domestic? Offshore can be more expensive and require multiple IRS disclosures. Domestic planning has a track record of being ineffective and losing in court. The good news is you don't have to choose all of one or the other. You can pick and choose the best of each to make a strong, effective asset protection plan. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Setting up an asset protection trust involves a couple of steps. The first is creating the trust itself. That takes on average 2-3 weeks. Clients in a rush have created their trust within 3 days. The next step is "funding" the trust. That means putting your assets inside of the trust. How long this takes will depend on the number and type of assets you have. If you decide to open any offshore accounts, please budget 2 months for the bank to finalize everything.
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live? We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It's not hard to do. The catch is that for real estate you already own in your name, you can't erase the record of ownership. There will still be a trace of when you owned the property. For true privacy in real estate, it works best if you never take ownership in your personal name.
How do you prove you own an LLC? Looking to open a bank account for your anonymous LLC? If there is no public record of ownership for your LLC, you'll have to provide private records to banks in order to open an LLC bank account. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
PSA: the BEST time to do asset protection planning is before you NEED asset protection planning. As in, don't wait until after you are threatened with a lawsuit to look into planning. I saw someone in this arena estimate that 85% of the people looking to set up an asset protection plan already have an existing legal threat. Here's our friendly reminder to not wait using our favorite storm metaphor. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
For years Shreya carried around a box that she thought contained a great tool for smashing up food. When the time came for her to smash some food, it turned out the box was mostly empty. The tool she had been lugging around for years was of no use to her. How does this relate to asset protection? There are different tools available for protecting yourself from bogus lawsuits. When the threat of a lawsuit finally comes up, the tool you've been carrying around might not work the way you envisioned. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
What's the difference between business planning and asset protection planning? If I have an LLC, do I have to do more asset protection planning? Business planning is a form of asset protection. Business activities are risky (as in you face a higher chance of litigation being on that hustle grind). Setting up entities, like an LLC, can help prevent the risk and liability of one business from spreading to another. It can prevent your business liability from affecting your personal liability and vice versa. It doesn't always work though. Often when we talk about "asset protection planning," we are talking about additional risk mitigation to put more protection around your personal assets. Most business owners I know who get sued, also get sued personally. Having a stronger asset protection plan, beyond just their basic business planning, helps keep all of their personal assets in the family, rather than handing them over to the law firm that sued you. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Untitled Facebook Video Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Some LLC promoters give the impression that all you need to do is set up an LLC and you'll be safe from any future lawsuits. While an LLC does provide some protection, it doesn't make you invincible! You can't rely on an LLC to give you "bulletproof" asset protection. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
If you are interested in protecting your property from creditors, you have a lot of options. I can't write about every option that's out there, but I'll talk about a couple common techniques and a general strategy overview. By the way, in this case we are talking about real property as opposed to other types of property. #realestateassetprotection #assetprotectionstrategies #assetprotection Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
One of the most common questions we receive is whether you can live in a property owned by an LLC. If you're talking about your primary residence, there are some issues to think about. Those include taxes, mortgage issues, and whether an LLC would serve any purpose since a primary residence isn't really a business. #realestateassetprotection #property #llc Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
A big tree blocked the road out of our house today. It fell down during a massive wind storm. It made me think about the roadblocks I see in my work as an asset protection attorney. 1) Many people put up a big roadblock between themselves and setting up an asset protection plan. A roadblock between them and those of us who don't have to worry about the threat of a stupid lawsuit. 2) Asset protection is about putting up roadblocks between you and the scheming attorneys who will make up anything to sue you and take your assets. The roadblocks discourage these attorneys from continuing. It makes them look for another victim. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
You can't make very many delicious dinners without salt. Likewise you can't make a strong, effective asset protection plan without the help of an independent helper or two. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
"What about these land trusts I hear about?" is a common question we get. Land trusts are often promoted as a tool for beating a due-on-sale clause and for asset protection. We don't recommend them to clients because we don't think they work for either of those goals. They give the illusion of achieving those goals, but reality is a different story. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
"What about these land trusts I hear about?" is a common question we get. Land trusts are often promoted as a tool for beating a due-on-sale clause and for asset protection. We don't recommend them to clients because we don't think they work for either of those goals. They give the illusion of achieving those goals, but reality is a different story. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Let's compare effectiveness vs costs when choosing an asset protection trust. What I forget to mention in the video is that with a hybrid trust, such as our PREP Trust®, you have the option to convert the trust to a fully offshore trust if you so choose. #assetprotectiontrust #assetprotectionstrategies #assetprotection Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
The US court system is built to allow any and all angry people to sue others. There's no need to be reasonable. A brittle spirit will be rewarded for fake and exaggerated damages. This is the so-called frivolous lawsuit. Contingency attorneys make their living filing these stupid lawsuits against honest people who have worked hard for what they have. The courts are built for these terrible lawyers and their clients to get paid because it's often cheaper and easier to pay for the lawsuit to go away instead of fighting for what's yours. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
This summer we've seen one major issue: people trying to start asset protection planning too late. To have an effective asset protection strategy, you have to start early. You should start before you have creditors or a potential lawsuit on your hands. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
At some point during a lawsuit, the lawyer suing you is going to want to know what assets they can take from you. You'll have to lay out everything on the table to let them know what you've got to lose. What will be on that table varies greatly if you have a trust based protection plan or an LLC based plan. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
As businesses reopen, there is fear that customers will sue you if they get infected after visiting your business. This fear is not unreasonable. The US court system is not reasonable. It's unpredictable. The targets of these lawsuits will lose or settle even though it will be impossible to prove exactly when or where a person became infected with C-19. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
Asset protection is not about hiding money and tax-dodging schemes. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
A local LLC helps mitigate risk, increases asset protection, and helps comply with local business laws. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
The days when a trust or LLC could completely hide your identity are gone. Registered agents, trustees, and bankers are all required to know who is the "natural person" (human being) behind an entity. These "know your customer" laws require knowledge of who owns, or establishes, an entity. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
If you are the only person in charge of your trust, a judge can order you to hand over the trust assets to your creditors. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
People rarely want to give up control of their trust and assets. It is possible to be the trustee of your asset protection trust, but it must be set up properly so that an independent trustee can step in when needed. Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d https://livemorecarefree.com
My document stash Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
New episode is up today with Amy Baker of The Pleasure Principal! Amy is an intimacy & relationship coach, and she spoke with us about how the lack of personal time has been affecting relationships during the pandemic. Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
We talk about how sometimes there is "too much" time together and right now, a lot of people are feeling that way. This is how we handle spending so much time together (in life and business) Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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Multiple properties = multiple probates livemorecarefree.com Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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A number of different legal documents will help you accomplish your estate planning goals. Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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Can I be buried with my pet? Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
For all you out there sick of sitting next to your partner all day, every day, waiting for shelter-in-place to end: Colin and I have words of wisdom for you. Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
What to do with those estate planning documents Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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livemorecarefree.com Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
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