What is Asset Protection?
Today I’m kicking off the Asset Protection Podcast! Episode 01 starts at the very beginning by answer the basic question: what is asset protection?
Colin Ley is an asset protection attorney. He is also the co-founder of LayRoots along with his wife, Shreya Ley. Shreya offers outside general counsel services to proactive business owners looking to stay out of the ditch.
Asset Protection Podcast Transcript:[00:00:00] Welcome to the asset protection podcast today we are talking about what is asset protection. what is asset protection? So this is the very basics asset protection like we like to tell people is owning and structuring your assets in a way that prevents and discourages stupid lawsuits. Lawsuits in the US are a huge problem. [00:00:36] So people can take action and take steps to reduce that liability. And that’s what asset protection is at its most basic form. It’s planning. You can do to ease your worries and the cliche statement of sleeping better at night so asset protection is a very. [00:01:08] Wide ranging area of planning. So it could be so many different things and it takes so many different forms. For example insurance I mean that is a form of asset protection right. If you get in a car accident somebody is going to step in and help you pay the bill or your punishment. Basically as long as you’ve paid your premium there are federal and state laws that protect certain amounts of your assets for example your retirement accounts or maybe your primary home. And there are a range of other actions you could take. Other planning tools LLC is limited partnerships trust planning. There is a whole range but basically there are steps that you take to reduce the chances that you will lose your assets lose them to frivolous lawsuits. Predatory attorneys who work on a contingency fee basically looking to shake down people with a lawsuit in order to get a quick payday. They can do this because they know that so many people would rather just pay an attorney to go away settle a lawsuit rather than going through the expense and the headaches of filing a lawsuit in court. You have any questions or comments please send them in comment below like whatever’s available down there. And thank you for listening.