It’s best to start your asset protection plan BEFORE you need your asset protection plan. If you wait until after there is a legal threat, most if not all planning options will be off the table.
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 folks. Colin Ley and Shreya Ley here of LayRoots. We’re an asset protection law firm.
Based in Seattle, Washington.
Thank you, Shreya. I like that one.
Okay, folks. Today, we want to talk about something special.
Actually, I want to talk about how asset protection to be effective, to be done well, needs to be done early. The earlier the better. In fact, there’s–
We talk about this all the time, but people don’t learn.
Well, yeah. It’s a very fundamental thing that I guess we just need to keep nailing out there. Kind of like–
It’s all right. We like talking about it.
Kind of like, I was gonna say like that. Is that a Chinese proverb? The best time to plant a tree was 20 years ago.
It’s the Dalai Lama, yeah.
The second best time is today. That’s not really with asset protection. It’s still 20 years ago. No, I kid. I kid, Shreya. I kid viewer, but we are getting a number of people recently that are have waited ’til it’s too late. And so asset protection is best done early because asset protection is not to screw over your current creditors that you already have. Say you’ve borrowed money or done whatever else, you can’t plan to not pay those legitimate debts, legitimate creditors back. It’s really to plan for the future, for unknown potential, future creditors. We add all those, all those tags on there because it’s, it’s it doesn’t work well if your goal is to screw somebody out of money that you legitimately owe them.
Right, and it breaks our heart a little when people come to us, and it’s this honest mistake or a misunderstanding, or they’ve fallen on hard times, and they need help. And they come to us, and they say I have this threat against me. Can you help me? And we have to tell them no.
Yeah, yeah the type of planning we do is, yeah, is it’s has to be done early. If you haven’t done something early if you’ve only become aware of things once you know the, that person is serving you with a lawsuit, then you have to rely on the existing protections that are afforded to you based on the state you live in. So if you’re, say in Washington state, and you get sued, you know your life insurance is probably going to be protected. Your, all of your retirement accounts, IRA those are protected. Some of your home equity is protected, basically matches up with the bankruptcy protections. So you have those available to you, but you’re not going to be able to ethically add more protections to, to what you got.
So if you’re thinking about setting up an asset protection plan, be sure to do it well in advance before you have any sort of threat of litigation or creditor, anything like that.
While the sun is shining, and the skies are blue.
The waters are calm.
The birds are chirping. Anything else?
No, that’s all I can think of.
Okay, cool. Thank you for watching.