You have to do asset protection planning in advance. You can’t buy home insurance after your house is already on fire. Same with asset protection.
Transcript:
Colin: Hello, and-
Shreya: Hello.
Colin: Welcome to the Lawyer Human Daily.
Shreya: Ish.
Colin: I’m Colin, that’s Shreya of LayRoots.
Shreya: Yeah, we’re both of LayRoots.
Colin: Thank you for watching yesterday, if you were here with us. I don’t know if you were, but we were talking about what you can lose to a creditor after a lawsuit.
Shreya: And the fact that it was my birthday.
Colin: And it was her birthday, and we had a great time.
Shreya: We did.
Colin: Wonderful celebration I planned. I’m the best husband ever.
Shreya: Truth, truth.
Colin: Today, we are talking about the fact that you have to do asset protection planning early.
Shreya: Yeah, in advance.
Colin: You’ve got to do it in advance, otherwise it’d be too easy.
Shreya: Well, yeah, and it wouldn’t be protecting anything after the fact.
Colin: What, like after you lost it?
Shreya: Yeah.
Colin: Well, you know… You have to do it before some sort of event happens that you think you’ll [crosstalk 00:01:00] get sued for.
Shreya: The skies are clear.
Colin: Yes, while the skies are blue, the seas are calm. We’re going to do a lot of analogies today-
Shreya: Yeah.
Colin: Is that an analogy?
Shreya: A metaphor?
Colin: All right, so, one time, Shreya Ley, I was meeting with a client and his wife was a little skeptical about what we were doing. She came in for a meeting, and we talked about things. I was explaining what we were doing, and why-
Shreya: Yeah.
Colin: And she asked me, “Why doesn’t everybody do this? You can do this planning to safeguard yourself. Why doesn’t everybody do it”? Do you know [crosstalk 00:01:42].
Shreya: I wonder that sometimes.
Colin: Do you know what my answer was?
Shreya: What was it, Colin?
Colin: I said, “I don’t know, but here’s a bunch of my cards. Give them to all your friends. Now you can spread the word”.
Shreya: Yeah.
Colin: You can be an evangelist, for asset [crosstalk 00:01:57] protection planning.
Shreya: An ambassador.
Colin: An ambassador [crosstalk 00:01:57].
Shreya: A Lawyer Human ambassador.
Colin: Yeah.
Shreya: Which we are currently accepting applications for, if you are interested in being a Lawyer Human ambassador, please comment.
Colin: Yeah, and if you’re wondering why doesn’t everybody do this, maybe your friends are wondering that too, so go ahead and share this video with them. Share this post. We would really appreciate that. Shreya, let’s get to some analogies, shall we?
Shreya: Let’s do it.
Colin: You’ve got to do asset protection early-
Shreya: Because-
Colin: Just like you would for buying insurance for your home, you wouldn’t wait until your home is on fire to buy fire insurance, would you?
Shreya: No, and they would deny your claim if you did that.
Colin: Right. Would they be like, “You serious, bro”? I see the fire department is at your house right now.
Shreya: Yeah.
Colin: I can hear the sirens in the background.
Shreya: Yeah.
Colin: That would happen.
Shreya: That would happen.
Colin: If you’re a normal person, you wear a seatbelt in your car.
Shreya: Yeah.
Colin: You put that seatbelt on before you get in an accident.
Shreya: Right, you don’t see an accident happening… You’re not in the midst of an accident, being [crosstalk 00:03:19] “Oh, shit, gotta put on my seatbelt”, I’m sorry, I cursed. I’ve got to put on my seatbelt.
Colin: Roll with it.
Shreya: Yeah.
Colin: Yeah, right, you’re spinning out of control, trying to slap that belt on.
Shreya: Yeah, that doesn’t happen.
Colin: You can’t do that. I got a ticket one time for not wearing a seatbelt.
Shreya: Did you?
Colin: Yeah, in the 15 seconds that I sat there watching a police officer run up to my truck, I didn’t even think to put my seatbelt on.
Shreya: Yeah.
Colin: That was legal lightning. It was a 74, Ford F100, didn’t have seatbelts back in the day. Just think about that before you comment. It’s old school. It was a death mobile. All right, what else?
Shreya: And it didn’t run, really ever, by the time I met it.
Colin: Yeah.
Shreya: Met you.
Colin: You know, sometimes, I often joke about running a person over with your car.
Shreya: Yeah.
Colin: As an example of asset protection [crosstalk 00:04:16].
Shreya: And people are like, “Ha ha ha, that would never happen”.
Colin: Well, it’s not funny. It’s very serious.
Shreya: It is.
Colin: The reason I often joke about that is, one time somebody called me, and he was like, “Hey, my wife ran somebody over last week with her car. We’re doing all this stuff, and we want to do some asset protection planning. We called the insurance company to get insurance to cover that”, and he was totally shocked that they wouldn’t cover the claim from last week.
Shreya: Yeah, I remember that actually.
Colin: So, I got a giggle out of that. You get your insurance with your car before you hit people, by accident.
Shreya: Right.
Colin: Switching over to the-
Shreya: More analogies?
Colin: Yeah, let’s go medicine.
Shreya: Okay.
Colin: Asset protection is like preventative medicine.
Shreya: Right, you’re getting your diet in order, you’re getting some exercise in, before having to do a triple bypass.
Colin: Right, so you don’t have to do it.
Shreya: Right.
Colin: Because there is no triple bypass in asset protection. It’s all healthy diet. It’s all healthy living.
Shreya: Does the ox work as an analogy? It’s easier to [crosstalk 00:05:33] build a fence?
Colin: Wait, cue it up.
Shreya: Yeah.
Colin: Well, don’t cue it up too long.
Shreya: Okay.
Colin: Do the whole analogy.
Shreya: Yeah. It’s easier to build a fence than to pull an ox out of a ditch.
Colin: Amazing.
Shreya: Yeah.
Colin: Simple.
Shreya: Thanks Chuck.
Colin: Straightforward wisdom that you can take to the bank.
Shreya: Yep.
Colin: Yeah. Any other ones?
Shreya: Let us know if you have any.
Colin: Yeah. What’s your analogy? Thanks Shreya.
Shreya: Thanks Colin.
Colin: And thanks for watching.
Shreya: Yes.
Colin: Again, if you found this helpful, hit that like button, we’d like it very much.
Shreya: Yay.
Colin: See ya.
