Who is at risk and in need of asset protection?
Transcript:
Colin: Hello. Colin and Shreya Ley, here with LayRoots.
Shreya: At the Lawyer-Human Daily. Yeah.
Colin: Today we are asking who is at risk. Who is in need of asset protection?
Shreya: Oh. I thought you were just saying “At risk” and I was going to say, I felt like I was at risk for Avian Flu this weekend when we were climbing and discovered all that bird poop.
Colin: Yeah. We got up on a cliff and got all up in a poop stash.
Shreya: I know. And then the pigeon came and was like mean mugging me because he was like “You’re in my poop spot.”
Colin: All right. So, at risk for lawsuits and losing assets.
Shreya: Yeah.
Colin: I should be more specific, huh?
Shreya: Yeah, maybe.
Colin: Okay.
Shreya: But that’s great.
Colin: Well, today … Oh, I have my headphones on. Is that your phone going off?
Shreya: Yeah, my phone is going off.
Colin: Oh, I’m sure you can’t hear it. I’m just going to leave my headphone on, now that they’re stuck here.
Shreya: Yeah, do it.
Colin: All right. So.
Shreya: It looks pretty cool.
Colin: It looks like it.
Shreya: What do you guys think? Do you think it looks cool?
Colin: All right, so today I met with a guys who’s almost 60 or so.
Shreya: Okay.
Colin: He’s been working a long time.
Shreya: Yeah. Working hard for the man?
Colin: Saving up that nest egg. And he’s worried about lawsuits. And he’s terrified that he will lose his stuff and be homeless in retirement.
Shreya: Poor Guy.
Colin: I know, I felt bad. But there was some good news I gave him.
Shreya: Well, great.
Colin: Yeah. His retirement is safe. But, either way, he’s still worried about lawsuits. And so, I wanted to talk today about whose at risk. Who is at greater risk? Who should be considering asset protection? [inaudible 00:02:06]. Possibly you.
Shreya: Possibly you. All right. Lay it on me, Colin Ley.
Colin: All right. I’m looking at the notes up there. So are you.
Shreya: Yeah.
Colin: That’s what we’re staring off at. The first one are lawyers.
Shreya: Really. Well, I mean, sure.
Colin: Yeah. Anybody with a professional license, probably anybody who carries malpractice insurance. So, what are those Shreya?
Shreya: Doctors, dentists, lawyers, accountants.
Colin: Yeah. CPA, accountant. Financial-
Shreya: Yeah. So, people who are offering professional services?
Colin: Yeah, because they can get in trouble when their services go wrong.
Shreya: Right.
Colin: And they’re not allowed to limit their personal liability. Like, a lawyer screws up, they’re in trouble. People come after their stuff. Same with doctors, dentists, high level of responsibility. That’s why they make the big bucks, I guess.
Shreya: Yeah. It is. But it’s also why they have malpractice insurance.
Colin: Exactly. But, malpractice insurance only does so much.
Shreya: Yeah, I like to tell people about when I was in law school and I worked at a law firm over the summer, and the main money maker for that law firm was insurance defense. And so they would try and prove that people making claims for their insurance did not deserve a payout. And, I felt kind of terrible about the work I was doing because a lot of these people, because we were down in New Orleans, were Katrina folks. So they had lost a lot in the hurricane. And the entire job of these lawyers working on it was to go around and try and prove that these people didn’t deserve to get insurance money.
Colin: Terrible.
Shreya: I felt a little bit bad. I mean, I understand that there’s insurance fraud and that the attorneys serve a necessary function, as like a check against that. But, for the most part, their job is to find all the loop holes and not pay out, if possible.
Colin: Exactly. I feel like I’m supposed to be smiling more in these videos, but these are grim subjects to smile about. You will be denied your insurance coverage. All right, Shreya, next, business-
Shreya: We can make it funny.
Colin: Business owners.
Shreya: Yes.
Colin: You are more likely than not, to be involved in a lawsuit if you have a business.
Shreya: Yes, that’s true.
Colin: Fact. Fact. Greater than a 50% chance. It’s not if, it’s when.
Shreya: Oh my gosh.
Colin: No, I’m just kidding. But, you’re more likely than not. So, keep that in mind. Next, real estate investors. Hello, slip and fall.
Shreya: Oh, yeah, [crosstalk 00:05:14].
Colin: My brother-in-law did some personal injury work. He’s talking about these cases where a sidewalk grade wasn’t up to code. So somebody walking and texting on their phone slips, falls, gets a big check.
Shreya: Happens. And then up here in the Northwest, there’s mold. There are mold issues.
Colin: Oh yeah. You get that mold or there was all those rental properties with lead in the water, or like lead in the pipes.
Shreya: Old pipes.
Colin: And that kind of thing is not covered by your insurance.
Shreya: Right.
Colin: Environmental stuff, that’s on you.
Shreya: Yeah.
Colin: That’s on you.
Shreya: Can I just say something really quick? This has nothing to do with our topic.
Colin: Its got to be quick then.
Shreya: All right. You sound very subdued today.
Colin: Do I?
Shreya: Yeah.
Colin: Oh, okay. I mean, I just had my coffee.
Shreya: Oh, okay. Maybe it hasn’t kicked in yet. Oh no.
Colin: I thought I was doing great.
Shreya: You were doing great. I’m so sorry.
Colin: All right, now I feel weird. Next, let’s talk about parents with driving aged children.
Shreya: Yeah.
Colin: Gosh, that’s risky. Did you see that post I did, Shreya? About the Bird Box challenge where the kid was driving blindfolded.
Shreya: Oh yeah. Yeah, that’s really dumb.
Colin: And man, I did some dumb things as a teenager. Sorry dad.
Shreya: But not that dumb.
Colin: Not that dumb, but you know, could’ve been worse.
Shreya: The other one that I saw, that a lot of teenagers were doing, was the Keke challenge.
Colin: Yeah.
Shreya: Where the people would jump out of the car during that Drake song, and do their little dance and take a video, make a video of it while the car was still rolling.
Colin: Going to get you.
Shreya: And then, there were all these videos popping up of people getting run over while doing that. I think it was for comedic effect.
Colin: Yeah. All right. So last one, I put wealthy people. It’s like a deep pocket thing.
Shreya: Yeah.
Colin: Had to cough there. So, kids with an inheritance. A lot of people are surprised to learn that when they go through a probate process, that anybody can find out how much money a child stands to inherit. And so they can become the victims of scammers.
Shreya: Yeah, they can become targets in general.
Colin: Yeah. And just do silly things still.
Shreya: Yeah.
Colin: Have divorces pending, all sorts of stuff. Yeah, so that’s the list. It’s a short list.
Shreya: Yeah, it’s all right.
Colin: I mean, it covers a lot of people.
Shreya: It does.
Colin: Doctors, dentists, lawyers, business owners, real estate investors, parents with dumb driving children, and then people who have money to lose.
Shreya: Yeah.
Colin: They get targeted.
Shreya: It’s true.
Colin: The takers come for you. That was a catch line I was working with for a while, remember?
Shreya: Yeah, it was.
Colin: What was it?
Shreya: Takers after the makers? No.
Colin: Protect the makers from the takers.
Shreya: Oh yeah, yeah. That was it. That’s much better than what I was saying.
Colin: Yeah, but you vetoed it anyway.
Shreya: Yeah. I felt it was a little too negative for our brand.
Colin: All right. Well, on a positive note … I don’t know, what’s our positive note, then?
Shreya: I don’t know. Protect yourself.
Colin: There you go. Do that. If you found this video helpful, please leave a comment below. Or share it with a friend. Maybe hit that Like button.
Shreya: Yeah, or all of the above.
Colin: Yeah. Do all of that. We would love it. Thank you very much. Good bye. Oh, I got to hit the button.
Shreya: Bye.
