The Lawyer-Human Daily: Recent Episodes
LayRoots
Colin and sometimes Shreya talk about asset protection, estate planning, and running a business with your family and/or partner on a semi-daily basis.
Are you often the one bringing extra snacks or mittens on your hike "just in case?" What if someone forgot warm layers? What if you're stuck out there longer than you thought?
You may just be worriers who like to prepare for "situations developing" like us. Once you're better prepared, you can live more carefree and enjoy that hike/vacation/life.
When it comes to preparing the legal stuff, often, the hardest part is just getting started. We're here to be your guides through this process and make it easier than you thought it would be.
People ask if they are guaranteed not to lose a single dollar if they invest in an asset protection plan. While that would be a nice guarantee, it is not how asset protection planning works. Your assets will be more protected from loss with a plan in place. Listen in to see what kind of guarantee you can get and how asset protection works with the threat of a lawsuit.
An asset protection trust divides legal ownership and beneficial enjoyment between two different parties. Legal ownership of the trust assets goes to the Trustee of the trust. Beneficial enjoyment of the assets belongs to the Beneficiaries.
After you form an asset protection trust, are your assets automatically inside the trust? If not, what do you need to do to get them inside?
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.
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.
A holding company is a common asset to have within an asset protection trust. The holding company can be beneficial for a number of reasons as we discuss in the video.
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live?
We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It’s not hard to do. The catch is that for real estate you already own in your name, you can’t erase the record of ownership. There will still be a trace of when you owned the property. For true privacy in real estate, it works best if you never take ownership in your personal name.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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Another common question we get around here. To go offshore? Or stay entirely domestic? Offshore can be more expensive and require multiple IRS disclosures. Domestic planning has a track record of being ineffective and losing in court. The good news is you don’t have to choose all of one or the other. You can pick and choose the best of each to make a strong, effective asset protection plan.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
Setting up an asset protection trust involves a couple of steps. The first is creating the trust itself. That takes on average 2-3 weeks. Clients in a rush have created their trust within 3 days. The next step is "funding" the trust. That means putting your assets inside of the trust. How long this takes will depend on the number and type of assets you have. If you decide to open any offshore accounts, please budget 2 months for the bank to finalize everything.
While visiting a Cook Islands trustee office, I demonstrated to their team how I could easily look up US real estate ownership information online. They were blown away that our personal information is listed online for anyone to see. Why should someone have a right to know what home you own and where you live?
We speak to many people who want to remove their names from their real estate holdings for increased privacy and asset protection. It's not hard to do. The catch is that for real estate you already own in your name, you can't erase the record of ownership. There will still be a trace of when you owned the property. For true privacy in real estate, it works best if you never take ownership in your personal name.
How do you prove you own an LLC? Looking to open a bank account for your anonymous LLC? If there is no public record of ownership for your LLC, you’ll have to provide private records to banks in order to open an LLC bank account.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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PSA: the BEST time to do asset protection planning is before you NEED asset protection planning. As in, don’t wait until after you are threatened with a lawsuit to look into planning.
I saw someone in this arena estimate that 85% of the people looking to set up an asset protection plan already have an existing legal threat.
Here’s our friendly reminder to not wait using our favorite storm metaphor.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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For years Shreya carried around a box that she thought contained a great tool for smashing up food. When the time came for her to smash some food, it turned out the box was mostly empty. The tool she had been lugging around for years was of no use to her.
How does this relate to asset protection? There are different tools available for protecting yourself from bogus lawsuits. When the threat of a lawsuit finally comes up, the tool you’ve been carrying around might not work the way you envisioned.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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What’s the difference between business planning and asset protection planning? If I have an LLC, do I have to do more asset protection planning?
Business planning is a form of asset protection. Business activities are risky (as in you face a higher chance of litigation being on that hustle grind).
Setting up entities, like an LLC, can help prevent the risk and liability of one business from spreading to another. It can prevent your business liability from affecting your personal liability and vice versa.
It doesn’t always work though. Often when we talk about "asset protection planning," we are talking about additional risk mitigation to put more protection around your personal assets.
Most business owners I know who get sued, also get sued personally. Having a stronger asset protection plan, beyond just their basic business planning, helps keep all of their personal assets in the family, rather than handing them over to the law firm that sued you.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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Untitled Facebook Video
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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Some LLC promoters give the impression that all you need to do is set up an LLC and you’ll be safe from any future lawsuits. While an LLC does provide some protection, it doesn’t make you invincible! You can’t rely on an LLC to give you "bulletproof" asset protection.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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If you are interested in protecting your property from creditors, you have a lot of options. I can’t write about every option that’s out there, but I’ll talk about a couple common techniques and a general strategy overview. By the way, in this case we are talking about real property as opposed to other types of property.
#realestateassetprotection
#assetprotectionstrategies
#assetprotection
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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One of the most common questions we receive is whether you can live in a property owned by an LLC. If you’re talking about your primary residence, there are some issues to think about. Those include taxes, mortgage issues, and whether an LLC would serve any purpose since a primary residence isn’t really a business.
#realestateassetprotection
#property
#llc
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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A big tree blocked the road out of our house today. It fell down during a massive wind storm. It made me think about the roadblocks I see in my work as an asset protection attorney.
1) Many people put up a big roadblock between themselves and setting up an asset protection plan. A roadblock between them and those of us who don’t have to worry about the threat of a stupid lawsuit.
2) Asset protection is about putting up roadblocks between you and the scheming attorneys who will make up anything to sue you and take your assets. The roadblocks discourage these attorneys from continuing. It makes them look for another victim.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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You can’t make very many delicious dinners without salt. Likewise you can’t make a strong, effective asset protection plan without the help of an independent helper or two.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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"What about these land trusts I hear about?" is a common question we get.
Land trusts are often promoted as a tool for beating a due-on-sale clause and for asset protection.
We don’t recommend them to clients because we don’t think they work for either of those goals. They give the illusion of achieving those goals, but reality is a different story.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
"What about these land trusts I hear about?" is a common question we get.
Land trusts are often promoted as a tool for beating a due-on-sale clause and for asset protection.
We don’t recommend them to clients because we don’t think they work for either of those goals. They give the illusion of achieving those goals, but reality is a different story.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
Let’s compare effectiveness vs costs when choosing an asset protection trust.
What I forget to mention in the video is that with a hybrid trust, such as our PREP Trust®, you have the option to convert the trust to a fully offshore trust if you so choose.
#assetprotectiontrust
#assetprotectionstrategies
#assetprotection
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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The US court system is built to allow any and all angry people to sue others. There’s no need to be reasonable. A brittle spirit will be rewarded for fake and exaggerated damages. This is the so-called frivolous lawsuit. Contingency attorneys make their living filing these stupid lawsuits against honest people who have worked hard for what they have. The courts are built for these terrible lawyers and their clients to get paid because it’s often cheaper and easier to pay for the lawsuit to go away instead of fighting for what’s yours.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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This summer we’ve seen one major issue: people trying to start asset protection planning too late. To have an effective asset protection strategy, you have to start early. You should start before you have creditors or a potential lawsuit on your hands.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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At some point during a lawsuit, the lawyer suing you is going to want to know what assets they can take from you. You’ll have to lay out everything on the table to let them know what you’ve got to lose.
What will be on that table varies greatly if you have a trust based protection plan or an LLC based plan.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
As businesses reopen, there is fear that customers will sue you if they get infected after visiting your business.
This fear is not unreasonable. The US court system is not reasonable. It’s unpredictable. The targets of these lawsuits will lose or settle even though it will be impossible to prove exactly when or where a person became infected with C-19.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
Asset protection is not about hiding money and tax-dodging schemes.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
https://livemorecarefree.com
A local LLC helps mitigate risk, increases asset protection, and helps comply with local business laws.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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The days when a trust or LLC could completely hide your identity are gone. Registered agents, trustees, and bankers are all required to know who is the "natural person" (human being) behind an entity. These "know your customer" laws require knowledge of who owns, or establishes, an entity.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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If you are the only person in charge of your trust, a judge can order you to hand over the trust assets to your creditors.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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People rarely want to give up control of their trust and assets. It is possible to be the trustee of your asset protection trust, but it must be set up properly so that an independent trustee can step in when needed.
Being successful in America makes you a target for bogus lawsuits from shameless lawyers. We created an effective, asset protection solution, so you d
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My document stash
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New episode is up today with Amy Baker of The Pleasure Principal! Amy is an intimacy & relationship coach, and she spoke with us about how the lack of personal time has been affecting relationships during the pandemic.
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We talk about how sometimes there is "too much" time together and right now, a lot of people are feeling that way. This is how we handle spending so much time together (in life and business)
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Multiple properties = multiple probates
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A number of different legal documents will help you accomplish your estate planning goals.
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Can I be buried with my pet?
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For all you out there sick of sitting next to your partner all day, every day, waiting for shelter-in-place to end: Colin and I have words of wisdom for you.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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What to do with those estate planning documents
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Getting serious about your business or asset protection planning may involve some legwork, such as reevaluating your insurance policies.
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Privacy and anonymity are cornerstones of an asset protection plan. Filing your own annual reports for your Wyoming LLC will publish your name on the interwebs.
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Shout out to the SINKS
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The Lawyer-Human Show : Communication Styles Part Two: East Fork Pottery
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Sometimes, issues in the office require us to talk with each other differently than we would about personal matters.
This month on The Lawyer-Human Show, we’re focusing on how we adapt our different communication styles to be better attorneys, and better life partners.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Schedule a free, quick call to talk about your asset protection strategy.
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Many people think the LLC charging order is a flexible strategy that provides strong asset protection. Here are some of tactics that don’t work with charging order protections.
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Our Grand Teton story continues from yesterday. Making our way down from near the summit, Colin treats Shreya "like a baby" and it ends up saving her life. Hope for best, prepare for the worst!
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When we set out to climb the Grand Teton a few years ago, we weren’t quite prepared for everything we’d experience.
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Holographic wills have nothing to do with holograms (unfortunately)
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You can avoid lawsuits entirely by not owning things directly in your name. People who own rental property, brokerage accounts, etc. in their personal names are a favorite target for lawyers looking to sue.
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Acting as your own registered agent or listing your home address can cause big problems for your LLC.
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Need to make a small change to your will? Here’s how to name a different executor
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Fear is the one weapon attorneys have to use against you. Contingency lawyers can file and win frivolous lawsuits because of fear. They use it knowing that you will settle to make them go away, despite not having a valid claim against you.
An asset protection plan takes away your fear of these lawyers. That gives you the power.
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Asset protection planning offers privacy and anonymity as a benefit. Asset protection is not for secrecy though. You can’t set up a plan to hide your assets from the tax man or to open a bank account without people asking who the customer is behind the entity.
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This month our theme is bringing outside passions into the workplace. We’re big believers that being able to be our true selves at work helps to both gain trust with our clients, and also makes the work day a little more fun.
Today, Colin and Shreya converse about how our hobbies and personality affect our careers, and how we interact with our clients.
If you missed our first episode of the month, we spoke with Brenna and Jay, the team behind @ApexArtLab, about what it means for them to bring their love of art to their framing and design shop in Seattle, WA.
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Think about this before you hand over the ca$h
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Transferring your home into a revocable living trust will not trigger a tax if it falls into a tax exemption category
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Colin’s epitaph
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 his wife Shreya Ley.
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What do Cheetos and contracts have in common?
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2020-02-21 - take steak off the table_1
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 wit
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We’re working from home, so it’s business as usual (just with slower internet).
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Eating dinner in your room, or by yourself, or in front of the TV was something “white people” did (never mind that it’s not an accurate portrayal of ALL white people). Food in my family was to be enjoyed at the table, with family and friends, and you were not to miss that. Food meant sharing. The cook shared their cooking with you, we all shared food with each other, and we all shared anecdotes and stories during the meal. That, however, is not possible right now. We are all supposed to be "social distancing" in Seattle. It’s easier for me than most: I live on 6 acres, on the border of the suburbs and the country. There are horses on either side of me and I can often hear an angry cow moo-ing her displeasure from the neighbor’s land. I’m also only 10-15 minutes from a fancy co-op grocery store and some dim sum. So, I suppose I’m in limbo. But nothing in there connects me with people, with stories, with experiences when I can’t go anywhere. We tried to go on a hike with friends on Friday, but we got to the trailhead and it was PACKED. So, we collectively decided to leave. Then, we were supposed to have dinner with friends tonight, but after reading up on the guidelines for what constitutes social distancing, we mutually decided to cancel. I choose to sit in my limbo – partly abuzz like the city and partly quiet like the country. I can use the quiet moments in between to read, to write stories, to cook, to nap…and then I can savor the lively moments over video, over the phone, on social media. Social media that too often feels like a monologue rather than a conversation now is buzzing with people connecting. Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com
This month on the Lawyer-Human show, we’re talking about how we bring our outside passions and talents to our businesses. Thank you to our guests this month - the husband and wife duo behind Apex Art Lab, Brenna and Jay. @apexartlab Schedule a free, quick call to talk about your asset protection strategy. https://livemorecarefree.com