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.
[Read more…] about Don’t own real estate in your nameA common LLC mistake (registered agent)
Acting as your own registered agent or listing your home address can cause big problems for your LLC.
[Read more…] about A common LLC mistake (registered agent)Fear
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
[Read more…] about FearPrivacy vs. secrecy (asset protection planning)
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.
[Read more…] about Privacy vs. secrecy (asset protection planning)Ultimate Beneficial Owner
An ultimate beneficial owner is the natural person who owns or benefits from a given entity.
For example, take LLC #2 here. LLC #2 is owned by Asset Management LLC. The Asset Management LLC is owned by John Smith.
[Read more…] about Ultimate Beneficial OwnerWe’re confused
What’s ordinary to you might seem very easy. Your ordinary won’t necessarily be easy for everyone else.
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:
I wanted to take a moment to acknowledge that you’re doing great. So we are here in Japan and there’s this whole process, it’s like this tax refund process where, as a tourist, you get a refund on a certain consumption tax. And we kept reading online that it was this really easy process and Japan had made it really easy to claim your tax refund. But we’ve been here almost, well, for a whole week and we still have not really figured out how it works. We’ve been carrying around these receipts and we keep going and we’re trying to get our tax refunds. And people are like, “No.” And then there are all these steps and processes and things that we need to be able to claim our tax refund that we just didn’t know about or couldn’t figure out. Like, we have to have our passport and we have to go to the same store that we made the purchase at with the items and also with the receipt and it has to be on the same day that we made the purchase. And we didn’t know any of these things. And then there’s some things about consumables versus non-consumables and then they can’t be mixed. And so it’s this really kind of complicated process that we, even as smart people like yourselves, cannot figure out. And sometimes, as attorneys, we think it’s kind of a no-brainer. We’re like why wouldn’t somebody do like a trust or put together an asset-protection plan? And it’s because we’re used to it. We live and breathe this all the time. And so for us, it’s not a very complicated process because we know all the steps involved and all the documents needed. But for other people, I am just acknowledging that you’re doing great by hiring a guide to move you through this process that can seem really overwhelming and confusing. And that it’s perfectly normal that you’re confused by all the information out there.
