One fundamental difference between offshore and domestic asset protection planning is the court systems. This might actually be the root cause for why so many people seek out asset protection planning in the first place. The US court system is built for and serves to allow plaintiff attorneys (contingency fee attorneys) to take hard-earned money away from others. The ever-growing flow of frivolous lawsuits in the US, led to the creation of offshore laws and courts that provide more protections to the successful people targeted by these baseless lawsuits.
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:
Howdy, folks. Colin and Shreya Ley here, from LayRoots, which is an amazing Asset Protection Law Firm. Today, Shreya Ley.
Yes, Colin Ley.
I want to talk again about offshore versus domestic asset protection planning and not really getting into the deep nerdy details
Right.
That a lot of us attorneys like, but just this very base level foundational issue.
Yes. I love it.
I was doing a little research today and I saw someone mention this. So, I thought it’d be cool to steal their idea and talk about it. But before we get there-
Feel inspired by their idea.
Yes, I was inspired by their idea. If you have questions though, about setting up your asset protection plan, you can go to livemorecarefree.com. Book a free chat with this-
With me.
Young lady here. Again, that’s livemorecarefree.com. Do it now, be prepared. Shreya Ley.
Yes, Colin.
So, I was, again, like I was saying, we compare all these different fundamentals between offshore and domestic.
I mean, people call me and they wanna know as well. I get that question all the time. They’re like “Why can’t I do domestic? Can I do domestic? Why should I go offshore?”
Right. ‘Cause these people, they are worried about these lawsuits because they live in the US, where the court system, fundamentally, is built to advantage the lawyers, the plaintiffs, the people that file these. We call them stupid lawsuits. Bogus lawsuits, frivolous lawsuits.
Yes. All of them.
Many terms. But this whole court system is built around the fact that it is favored towards that side.
It’s geared towards helping them. It’s geared towards helping people bring suit, as opposed to helping the defendants, necessarily. It’s not focused on that.
Right. It’s not fair and balanced as some people talk about, in this world. So, on the other hand, since there is this US court system that is built to favor those plaintiffs who want to file frivolous lawsuits, there is.
These other countries.
Yes.
They have noticed that. And so, they built a court system that is geared towards helping the defendants.
Yeah. So, it’s kind of the opposite. So, they’re all like “Fine. We will build this court system.”
“We’ll help you guys out”.
“For you US citizens who are at risk of these frivolous lawsuits”. So, it’s favored more towards the defendants, essentially. So, say you were to get sued in the US. If you had your assets governed by this offshore location, that plaintiff attorney would then have to go to that offshore location
Where they don’t have the leg up.
Right. And they’d have to file their lawsuit again. And then, they’re going to a court that is completely favored the other way.
Right.
And that is why.
That’s another reason why people should look at offshore or some hybrid asset protection planning.
That is why we believe in this.
Yeah, yeah.
Offshore locations.
Because it gives you that extra leverage. It’s another tool and strategy in your plan that gives you leverage in these situations. And I wanna add-
What do you wanna add?
The jurisdictions we used, they’re not the only countries in the world that have a system that is less skewed towards the plaintiff and bringing suit. Lots of countries, lots of first world countries around the world have some of these tools in court systems as well.
And some of those are favored more towards tax planning.
Right.
But in the US, a lot of people are looking for those protection from silly lawsuits.
Right.
Not necessarily trying to avoid taxes, because since US citizens, we can’t really do that like people from other places around the world.
Yes. That is true.
Thanks, Shreya.
Thanks, Colin.
Anything else?
That’s it.
That hits those. That fundamental reason why we like to have offshore in an asset protection plan, an effective asset protection plan.
Yes.
Thanks for watching today. If you found some value in this video, please hit that like button. Go ahead and subscribe up there. We’d appreciate it. See you next time.
