You might be wondering if you should put your car in an LLC or trust for asset protection. Unless the car is a very valuable collector item (that you do not drive often), you should not put a car in an asset protection structure.
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.
Hey friends, Colin and Shreya Ley here from LayRoots. LayRoots is a law firm where we do a great job of asset protection and protecting people from stupid lawsuits. Shreya today, guess what we got in the mail?
What did we get?
New vehicle titles.
Yeah, we had them in Shreya’s name only, and I wanted to be in there.
I wanted to be in the mix. So now we got both names on these titles and I wanted to talk about them and how vehicles come into play.
With an asset protection plan.
Yeah, because people always ask this question.
They do. Before we get to those wonderful answers and explanations, if you have questions about your asset protection plan, protecting yourself from stupid lawsuits, go ahead and visit livemorecarefree.com. Book a free initial phone chat with us. With her. Again, that is livemorecarefree.com, where all your dreams come true. So they wanna know, do we put our vehicles in our asset protection structure?
Yeah do we put it in the LLC? Do we put it in the trust? How do we do it?
The answer is no.
We say no. With a caveat. Unless it is a very expensive, collector vehicle.
Maybe an Emory Porsche 356. Something like that, you know, worth hundreds of thousands of dollars, and it’s not really a daily driver. But your regular cars that you’re driving around dodging people and other cars, you don’t wanna put that in your asset protection structure?
Because that’s a very.
Why is that Colin?
It’s a very risky activity. Driving, it’s, you know, besides divorces, it’s one of the most common lawsuits.
That we see out there.
We see them all the time.
And you don’t wanna do it. It seems like you would want to say, okay, I put the, the car.
The thing causing maybe some liability that I love and use everyday.
Yeah, and it doesn’t work that way, because you’re driving the car. So an asset protection structure isn’t gonna protect you from a lawsuit with your vehicle because you’re the driver. The driver always gets sued. The only thing you’re doing, if you do put that vehicle into the structure, is you are inviting that lawsuit to come directly out your structure and to go for everything that’s inside of it.
Whereas if it’s just in your personal name and they sue you, your assets are still protected from that lawsuit. You haven’t invited that lawsuit into the structure.
And you don’t wanna, I mean, so when people try and put their vehicle into an LLC, especially, you don’t want to mess up your insurance.
Like, is it really a business car?
Yeah, your insurance is gonna go way up.
If you put it into an LLC.
And so that’s another reason why, but you know, if you’re really worried about it, maybe revisit your car insurance. Make sure it’s appropriate.
For what you’re doing and the value of the car. And be rest assured that the rest of your assets are safe from a potential car accident lawsuit. You know, let’s say, your 16 year old is out there driving with friends, listening to music, being distracted.
Getting crazy, smoking doobies.
Maybe not, maybe just, you know, listening to music.
Playing with buttons. That wasn’t a true story.
Keep the vehicles out of your structure, load up on proper insurance liability, umbrella. All that good stuff and you should be set.
Yeah. Right because.
Let’s start living carefree life. Thank you for watching. Thank you, Shreya. If you enjoyed this video, crash your finger into that like button. Consider subscribing right there. See you next time.