Building and growing your asset protection plan is like going up a ladder. As you go higher up the ladder, your level of protection increases. The views are great at the top
Colin Ley is an asset protection attorney and the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
- Asset protection planning can be seen like a ladder. Right? You build on it, and you get higher and higher and higher.
- We often tell people it’s like a ladder.
- It is, and you build up on it. And so at the bottom rung, you have things like insurance planning, umbrella policies, liability, that sort of thing. Next, maybe you’re using your state exemptions, like your 401k is protected. So put money in that 401k.
- Yeah, and we can talk about all of the other different layers.
- I’m doing it. You can’t stop me.
- Oh, you’re doing it, uh-oh.
- We started it. After that, you get into your LLC planning. Segregate those different business liabilities, try to contain ’em within those LLC bubbles. Then getting above that, you’re creating your asset protection trusts, just folding in some more protection. And then when you’re ready, you put that money off-shore in a bank account or–
- In a safe little account.
- Where nobody can get it.