An asset protection trust is optimized for protecting your assets for your benefit during your lifetime.
An estate planning trust is optimized for passing on your assets to your heirs in the most tax efficient way possible.
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:
Hey friends. Colin Ley, here with my partner in life and business,
Shreya Ley.
We are the owners of LayRoots, a law firm where we do asset protection and estate planning.
Yes!
Today, Shreya wants to talk about something.
I do! I wanna talk about, this is a common question that we get, is if I have an asset protection trust do I also need an estate planning trust. Or vice versa.
Great questions, Shreya.
Yeah.
But before we get there, if you have a question about this, asset protection, estate planning, please visit www.livemorecarefree.com Schedule a free 30 minute chat with her or me that’s www.livemorecarefree.com Take it away Shreya!
Yeah, so, a lot of people they are wondering, I’m setting up this asset protection trust or this estate planning trust, do I need the other one? And the answer is yes, you do need both. I personally like to explain it to people as the asset protection trust protects you while you’re alive. And then the estate planning trust, that was a weird emphasis, I did a weird emphasis there,
Did you put it on the wrong syllable?
I did. The estate planning trust helps you to pass your stuff on after you have died and helps that transition happen.
Yeah, so the asset protection trust is optimized for protecting your stuff while you’re alive and the estate planning trust is optimized for passing those assets on to the next generation, which typically, is focused on like, tax reduction, avoiding court, that sort of thing. So, it’s like, it’s hard to combine protecting assets and getting maximum tax benefits typically. So they .
They’re separate documents.
They’re separate.
But they work together.
Yeah, kind of like the quarantining, how people are hanging out separate but together.
Yes. These trusts are in quarantine together. Well that’s a good way to put it Shreya. And that’s why it’s important if you’re worried about lawsuits during your lifetime, you wanna take action to protect your stuff. And then if you’re worrying about dying, ’cause–
We all die
We’re all gonna some day
Yeah
You should have that estate plan as well, make ’em go smooth together.
Right! And so the vice versa is also true where if you have an estate planning trust, that does not mean that you have an asset protection trust that is going to protect your stuff while you’re alive.
Whole different topic to chat about.
I know. What you said though, did remind me of that quote, that nothing is short in life except death and taxes.
True statement. True statement.
I’m so proud of myself.
Well, if you liked this video, be sure to hit that like button and if you think somebody else would – Would enjoy
appreciate, would take value in it, please share it with them. Tag ’em down below. They would love it. I would love it.
I would love it.
Thanks folks, goodbye.
