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.
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 and Shreya Ley here–
That’s me.
Of LayRoots, an asset protection law firm where we help protect people from stupid lawsuits. Today, we wanna talk about the differences between privacy and secrecy.
Yes.
Things that are at issue with any asset protection plan. But, before we get to that, Shreya Ley, if these viewers have questions about their asset protection plan, we’d be happy to chat with you.
Yeah, definitely.
You can go to livemorecarefree.com and schedule an initial call. That’s livemorecarefree.com. Shreya Lay, tell me your deepest, darkest secrets please right now I wanna know!
Well, so there’s a difference between privacy and secrecy. My family recipe for cupcakes, I don’t know, is a secret.
Mmm.
And so, if my nosy neighbor comes over and is like “Ohmygosh, I love your cupcakes, give me the recipe,” I’ll be like, “No, can’t. It’s a secret.”
Hmm.
‘Cause nobody else knows.
I’m not that into cupcakes and desserts. Do you have any other secrets?
I have a lot of secrets.
Oh. Okay.
No, just kidding. I have very few secrets.
Well, Shreya Ley, when it comes to asset protection, one of the…
Hallmarks?
Hallmarks, thank you very much, is some additional privacy, increased privacy. Some people care about that, some people don’t.
Mm-hmm.
But either way, with some of the entities that people use– asset protection trust, super-secret LLC, well, not secret, super-private LLC. The privacy aspect of it is to keep you name off of public databases.
Right.
Making it hard for, or impossible for, people to know who owns an asset. So, for houses: in an LLC that doesn’t show the owners, they don’t know how to get to the person behind the LLC. However–
However.
That is very different from a secret. It’s not a secret the IRS is gonna know who is behind that LLC.
The bank will probably know.
If you open a bank account–
Yeah.
You can’t be like, “Nah man, it’s a secret.” There are many laws, not just in the US but all around the world, about how banks, financial institutions, have to know who is behind an LLC, who is behind a trust. It doesn’t matter how many LLCs, trusts, how many layers there are, they dig through until they find out who is the what’s called the ultimate beneficial ownership privacy.
Yes.
Secrets. Secretary is not a goal to accomplish with an asset protection plan. Privacy, yes. But secrecy is when you get going down that road of illegal activities.
Yeah.
Which we don’t do.
We don’t do, some people may do it–
We don’t do it. Some people may, but that’s not us. Well, Colin, I think privacy can be really important for business owners as well because when you’re running a business you don’t want your home address listed on your business registration with the state.
That’s true. In fact, we were just looking through some old business records–
We were–
Since we got time to do some–
Spring cleaning.
Some spring cleaning, and found out all of our old things that had our home address on it–
Yeah.
And our little PO box– this is before we had an address, or before we knew about how you could not list your home address on certain documents. Wow, what a trip down memory lane it was.
Yes.
Anyway, if you enjoyed this video, don’t keep that private.
No, share it with the world!
Hit that like button. And if you think somebody else would enjoy this, share it with ’em– share the wealth. And be sure to subscribe up there– oh wait, up there. There it goes.
And if you have comments, comment. We’d love to hear from you.
So many options.
So many.
Thanks, folks. Goodbye.
