Asset Protection | Live More Carefree
By Colin Ley
How do you prove you own an LLC?
Looking to open a bank account for your anonymous LLC? If there is no public record of ownership for your LLC, you’ll have to provide private records to banks in order to open an LLC bank account.
[Read more…] about How to prove ownership of an anonymous LLCBy Colin Ley
What happens when you work hard to build your dream life for you and your family, and you start to worry that some evening, someone will show up on your porch. They ask, “is your name…?” And when you say yes, they shove a pile of papers in your hands: “you’ve been served” they exclaim.
Concerned about protecting your assets from bogus lawsuits, you look into doing some real asset protection planning. Along the way you learn that in order to have an effective plan, you have to rely on an independent party to help you. This is typically a trustee who would manage your trust.
[Read more…] about Will an offshore trustee steal my money?By Colin Ley
PSA: the BEST time to do asset protection planning is before you NEED asset protection planning. As in, don’t wait until after you are threatened with a lawsuit to look into planning.
I saw someone in this arena estimate that 85% of the people looking to set up an asset protection plan already have an existing legal threat.
Here’s our friendly reminder to not wait using our favorite storm metaphor.
By Colin Ley
For years Shreya carried around a box that she thought contained a great tool for smashing up food. When the time came for her to smash some food, it turned out the box was mostly empty. The tool she had been lugging around for years was of no use to her.
How does this relate to asset protection? There are different tools available for protecting yourself from bogus lawsuits. When the threat of a lawsuit finally comes up, the tool you’ve been carrying around might not work the way you envisioned. [Read more…] about Is your asset protection box empty?
By Colin Ley
What’s the difference between business planning and asset protection planning? If I have an LLC, do I have to do more asset protection planning?
[Read more…] about Business planning vs asset protection planning
By Colin Ley
An offshore trust works as an agreement to safeguard assets from future potential creditors. The agreement is between a person with assets (the Settlor) and a person or company to look after the assets (the Trustee) for the benefit of another person or people (the Beneficiaries).
It’s an “offshore” trust because you are selecting the laws and jurisdiction of another country other than the one you live in. If you were using your home country laws, for example in the USA, the trust would be “onshore” or “domestic.”
[Read more…] about How does an offshore trust work?