Some LLC promoters give the impression that all you need to do is set up an LLC and you’ll be safe from any future lawsuits. While an LLC does provide some protection, it doesn’t make you invincible! You can’t rely on an LLC to give you “bulletproof” asset protection.
Shreya Ley is an asset protection attorney and the co-creator of the PREP Trust® and Better LLC™. She is also the co-founder of LayRoots (along with with partner in life & business – Colin Ley)
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Bulletproof Asset Protection
Bulletproof asset protection, not a term you hear a lot of attorneys using. Why? Because we’re risk averse and we’re afraid we’ll promise something that doesn’t come true. And then we get blamed something like that. But people I see claiming Bulletproof asset protection, it’s really far from Bulletproof.
And that’s my complaint. I wanted to talk about what is not Bulletproof asset protection in this video. One thing I see from a lot of LLC promoters. Basically that you set up this LLC, put your stuff in there and you’re all set. You don’t have to worry about any lawsuits are going to court. Don’t have to worry about losing your assets.
And it’s kind of like this vest; a Bulletproof vest, which is really a bad name for it because they’re not really Bulletproof. I mean, this vest has its weaknesses. I mean, the one I’m wearing doesn’t even have metal plates in it. I didn’t need them for the prop in this video. So I just got the look here, but somebody shoots me with this.
This ain’t doing much. See, the thing about this vest is I have this whole body, uh, maybe if I got shot below here, not up here, but down here, above here in this section, maybe I’m good. Maybe it’s the best thing to have in place and it saves my life
Or maybe it doesn’t, maybe somebody shoots me up here in this region, this isn’t going to do me a lot of good in that case. You know, that’s what I see with a lot of lawsuits against LLCs. The first thing an attorney does is files claims for fraud or gross negligence. And just like that your LLC shield is smoked.
That goes right through your LLC and goes straight to you personally. And it’s just gone through the protection that you had. Same on this bulletproof vest, you hit it with heavy enough ammunition, it’s also not going to stop something could go straight through here. So somebody has those big claims or makes up some big claims.
Again, your Bulletproof vest of an LLC is not going to do you much good. What would I consider bulletproof? Really bulletproof asset protection, something that would be entirely Bulletproof, entirely impossible to break is typically not what most people want. Most people that we talk to, aren’t looking for this kind of protection, because it requires having no control over your assets anymore.
You have independent parties controlling investing in your assets. Your cash is off shore in another bank. Those are the types of plans that have the highest, highest, highest level protection, but most people are willing to dial it back a little bit in order to have a plan that works for them that works in they’re flexible… that’s flexible for them.
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