Colin Ley is an asset protection attorney and the creator of the PREP Trust® and Better LLC™. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
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Transcript:
This last year I turned 40 and one of the things I have been wondering for quite some is whether or not I am slowly losing my hair.
And let me just stop for a second and say, I know that to be 40 years old and have this set of hair, is pretty lucky.
I don’t wanna complain here and I know there’s plenty of guys out there who are saying, “Colin, your hair looks great, “I love your hair, I wish I had your hair, “I wish I could run my fingers through your wonderful hair.”
I know that’s a fact, but there are a couple of reasons that I do not want to lose my hair. ‘Cause there is a lotta guys out there who, upon balding, they get to shave that head, shave that hair down, grow in a nice luscious beard, and they look fantastic. I have friends like that and whenever I see them, I say, “Man, I wish I had their not-hair, “so that I had this, you know, “didn’t have to put anything in my hair, “didn’t have to worry about it, “had the nice beard going on.” but those are not options for me.
So for one, I can’t shave my head, ever, it’s gonna look terrible. I have this gigantic, abnormally shaped head, I mean my bicycle helmet is literally a size XXL, it’s huge, all right, it’s not gonna look great completely shaved. Second thing, I can’t grow a beard, my beard, my facial hair, looks terrible.
We are two weeks into self-quarantine and this is all I got, this is all I got going on, man, I got patches over here, it’s just, it doesn’t really grow, it’s scraggly, it’s never going to look good. In my research into anti-balding solutions I discovered that the process of fighting hair loss is actually quite similar to asset protection planning, they are similar in a number of ways.
One of the most important things for preventing hair loss is starting earlier. The earlier you start, the better off you’re gonna be. It’s easier to prevent the hair loss than to try to get the hair back after you’ve lost it. I mean, it’s very similar to asset protection planning, right, you set it up as early as possible when there is no danger or, you know, pending litigation or especially after you’ve, you know, already got in an accident or gone into a lawsuit or something like that.
It’s kind of like insurance, fire insurance for you home, right? You get it before your house burns down, you don’t call after it’s burned down and try to get a policy. The same with hair loss, you wanna start as early as possible to get the best results.
Another way that asset protection planning and hair loss prevention are similar, is that it can be a multi prong approach, there’s multiple things you could do, there’s multiple steps in the process, you know, for example, if you’re looking towards the, I guess, the standard, don’t lose my hair protocol, you know, you’re looking at things like living a healthy lifestyle, eating a well-balanced diet, getting plenty of sleep, avoiding anxiety, all that sort of thing, good mental health, all of those things can help you keep your hair.
Next, you know, you can start adding in vitamins and add-in some sort of special shampoo that’s gonna make your hair follicles just thrive and feel great about themselves.
Then you can start to kick it up a notch and you start getting into medication.
Medication that prevents whatever happens that makes your hair go away, medication that stops that. I don’t know what it does, I’m not a doctor, it does something, it blocks something, the point is, it keeps your hair there, another layer to it, add-in some sort of grease to your hair that is meant to stimulate the hair follicles that are already gone to try to grow back the hair that you don’t have anymore.
Anyway, the point is, is it’s a comprehensive approach to preventing that hair loss and same with asset protection, right?
You have your, you have your insurance, you can rely on state protections like a homestead exemption and retirement accounts that are protected, then you can start layering-in LLC business planning to segregate the different risks, then you can add-in that asset protection trust and you just, you build, on that plan, you have all of these different options to make a comprehensive approach, a comprehensive strategy in order to prevent you from losing your money assets just like preventing losing your hair. It’s very similar.
