Asset protection is not about hiding money and tax-dodging schemes.
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.
Howdy, folks. Colin and Shreya Ley here of LayRoots.
We are a law firm.
That does asset protection and estate planning.
Today, Shreya, I wanna talk about something.
Okay, talk about it.
That I heard someone else talking about.
The issue was, the concern was.
If I do this asset protection planning, is it going to make me look bad?
I guess anybody who sees it.
Say you end up getting sued down the road. Is the judge gonna be like what is this?
Why have you done this?
In that sense, maybe on a deeper societal sense, do we have a duty or common man to not do asset protection?
Oh, that’s deep.
It wasn’t that deep though. It was like hey, if I get sued and a judge sees this, is it gonna make me look bad? And the answer is, what’s the lawyer answer, Shreya?
Yeah, I think it really depends on when you do it. So if you do it very early, like we encourage people to do, long before you have any issues, now you’re not gonna look bad if you’re doing legal asset protection planning. You’re following the rules, doing everything by the book but a lot of people wait until they’re afraid there’s a pending lawsuit. I’ve certainly gotten the calls from people after they’ve run somebody over. I’m like no.
It’s too late.
It’s too late. So I will say that from a societal common man perspective, perhaps there are people out there who look down upon asset protection planning. They think it’s something nefarious. But I would say from a legal standpoint, I would just think that they’re smart and doing the right thing.
Yes, you are smart. Now, yes, I guess you are. But another factor I would throw in there, Shreya is how protected have you made yourself or like we encourage people to not totally impoverish themselves, like you have to be able to still pay your debts, so if you made it so you didn’t have a penny to your name, maybe that looks worse. Some attorneys in the business here talk about the optics of things, like how is it gonna look to a judge? And if you put away a nest egg, an emergency fund for the future.
And then do some proper business planning.
That looks great.
Nobody’s gonna think bad about you.
Now, if you did some like fake equity stripping lien where you created a shell company to put a lien against a property with a fake loan that you don’t actually make payments on, yeah, I mean, that might look bad. It’s not gonna work very well. And it might, yeah, not garner you a lot of sympathy from the judge.
But doing some good legal asset protection early, early, early looks great. It looks great on you.
Like this blazer. It looks great on me.
Like that blazer, Shreya. Hey, if you have any questions about your asset protection plan, you can actually book a free initial chat with us if you go to livemorecarefree.com. You’ll find the buttons to find the time.
To talk to me.
To talk to her and then maybe you’ll get through to me.
Anyway, thanks, folks, thanks for watching. Thanks, Shreya.
See ya next time.