Asset protection planning offers privacy and anonymity as a benefit. Asset protection is not for secrecy though. You can’t set up a plan to hide your assets from the tax man or to open a bank account without people asking who the customer is behind the entity.
[Read more…] about Privacy vs. secrecy (asset protection planning)Ultimate Beneficial Owner
An ultimate beneficial owner is the natural person who owns or benefits from a given entity.
For example, take LLC #2 here. LLC #2 is owned by Asset Management LLC. The Asset Management LLC is owned by John Smith.
[Read more…] about Ultimate Beneficial OwnerWe’re confused
What’s ordinary to you might seem very easy. Your ordinary won’t necessarily be easy for everyone else.
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)
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you don’t have to worry anymore, happily knowing your family’s future is protected. Get started now by scheduling a free, 30-minute call at livemorecarefree.com.
Transcript:
I wanted to take a moment to acknowledge that you’re doing great. So we are here in Japan and there’s this whole process, it’s like this tax refund process where, as a tourist, you get a refund on a certain consumption tax. And we kept reading online that it was this really easy process and Japan had made it really easy to claim your tax refund. But we’ve been here almost, well, for a whole week and we still have not really figured out how it works. We’ve been carrying around these receipts and we keep going and we’re trying to get our tax refunds. And people are like, “No.” And then there are all these steps and processes and things that we need to be able to claim our tax refund that we just didn’t know about or couldn’t figure out. Like, we have to have our passport and we have to go to the same store that we made the purchase at with the items and also with the receipt and it has to be on the same day that we made the purchase. And we didn’t know any of these things. And then there’s some things about consumables versus non-consumables and then they can’t be mixed. And so it’s this really kind of complicated process that we, even as smart people like yourselves, cannot figure out. And sometimes, as attorneys, we think it’s kind of a no-brainer. We’re like why wouldn’t somebody do like a trust or put together an asset-protection plan? And it’s because we’re used to it. We live and breathe this all the time. And so for us, it’s not a very complicated process because we know all the steps involved and all the documents needed. But for other people, I am just acknowledging that you’re doing great by hiring a guide to move you through this process that can seem really overwhelming and confusing. And that it’s perfectly normal that you’re confused by all the information out there.
Watching the meter
Do you also stare at the taxi meter while it climbs higher and higher? A flat rate helps me relax and enjoy the ride.
[Read more…] about Watching the meterTake steak off the plate
When you set up an asset protection trust, you don’t want to put ALL of your assets into the trust so that you’re completely “broke” on paper.
When designing your asset protection plan, you do want to put your most desired assets into the trust, out of reach of future potential creditors. The steak of your assets is cash and other liquid assets.
Creditors want to take those because they are easy to take and put onto their own dinner plate. Removing those desirable, easy-to-take assets can make you less of a target for stupid lawsuits.
[Read more…] about Take steak off the plate25 years wrong
Teaching myself to snowboard 27 years ago led to a weak skill foundation. Doing things without any help meant I was making mistakes for years that I would later have to fix. We see this in the legal world when people try to do everything on their own, without help.
[Read more…] about 25 years wrong