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What is an umbrella LLC?

What is an umbrella LLC?

“Umbrella LLC” seems like a great term for those who live in Seattle. Funny enough most “umbrella” LLCs that we see are based in very dry states. If you want to chat about whether you are sheltered from a litigation storm, book an initial call with me at https://livemorecarefree.com/

On another note: our blog has been named as a Top 10 Asset Protection Blog over at Feedspot.com! It’s so nice to be noticed 🙂

Transcript:

What is an umbrella LLC? That’s a term that you  may have seen in various places on articles or forums, and an umbrella LLC is, is similar to what you may have heard called a holding company, right? An umbrella LLC owns other LLCs that are beneath it. So the idea is that this umbrella shelters the other LLCs beneath it from the storm of possible litigation.

Let’s go to the board and see what that structure looks like.

Now as this beautiful art demonstrates, you have your umbrella LLC up here, at the top, and you see like the umbrella? Under the umbrella LLC you got your sub LLC one, sub LLC two, sub LLC three. These three LLCs are owned by the single umbrella LLC, so they’re consolidated up in there. And this umbrella shelters these little guys down here from this torrential rain.

An umbrella LLC is typically formed in a state that offers additional creditor protections, right? Especially if this is a single member LLC. So some of those popular States are Wyoming, Nevada, Delaware. If you’re going, if you’re going really above and beyond, maybe the Cook Islands or Nevis.  And the umbrella LLC makes it easy to manage those multiple business interests. They end up in consolidated into one entity. And the idea as well is that those LLCs that are beneath the umbrella, those help insulate the liabilities or what other, whatever other risky activities are being held down those other ones, you know, typically you’d think of like rental properties, so those would be each be sitting in their own LLC, which is then owned by the umbrella LLC, sheltering it from the rain.

Colin Ley is an asset protection attorney and the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)

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Does a trust have an address?

This is a common question we get about trusts. Does a trust have an address and what is it?

Hey!  I am here at our new home that we moved into just a few weeks ago. We went from living in a small boat now living in a pretty large house with a lot of land. Got some…some trees back there. Got a little meditation pond. One of the things I hate about moving is having to update your address.

In fact, I don’t do it. I, I use a PO box and nobody knows my home address. It’s top secret. But one of the questions I got asked recently is, does the trust have an address? And the trust itself technically doesn’t have an address. It’s the trustee who has an address. Right? So the trustee is the person who manages the trust, who manage this, who manages the assets in the trust. So the address of a trust is actually the address of the trustee.

Colin Ley is an asset protection attorney and the co-founder of LayRoots (along with with partner in life & business – Shreya Ley) 

Schedule an initial call at https://livemorecarefree.com

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Communication

Communication is key for partners in life and business. We don’t always nail it…but we keep trying.

Schedule a free, quick call to talk about your asset protection strategy.
https://livemorecarefree.com

Transcript:

Communication

I’m Sh… I’m Colin. That’s Shreya. That’s Shreya!  There’s an important topic that we would like to talk about today. Oh, communication? Yeah.  You may remember a week or two ago  that we were talking about hiring someone and who should we hire first? Now you saw a small snippet of our conversation. That conversation went on for like a whole week longer, longer it went on in my dreams. We would just all of a sudden plop down in a chair and next to each other and be like, so…we were saying…

And it came, we came to realize at the end of this week of debating this, that we were actually talking about the same thing. We were just calling it by different names. yeah  it was like, rah, rah, rah, and then. What are the job tasks that you would like taken care of and there is like this and this and then Shreya’s like: that’s an admin! That’s an admin person! I thought you wanted somebody to do our marketing. Yeah. I thought you wanted someone to do our sales calls and I was like, no. Yeah, I just want someone to post the links and send the emails away and put the subtitles down here like that. *pshew* Just like that. Right in between the fingers.

That’s what I want. That’s what Shreya  wants? Yeah. So there are a lot of things I want, let’s be honest, this week’s lesson is about communication, and I credit our entire business, nay life, our success together, our marriage to Shreya’s ability to put up with my poor communication.

I mean, my lips don’t even move when I’m talking. I need a speech therapist for one. So physically commuting is one thing. Communicating. See, choosing the right words is another. Uh, but just getting ideas across. They say a picture is worth a thousand words. They, they getting the words across can be a challenge for me.

So Shreya has got some tips today for all of you partners in life and business on how to effectively communicate. Be persistent.  That would be number one. Yeah. Probably number one. Ask clarifying questions. How, why, what?  Who like what are the tasks of this person? Could have done that. Yeah.

I should have done that earlier. Why do you want this person? What will they hopefully help you with? And patience. Patience. That’s big. Yeah. I would say for sure, all of us. I think Shreya has patience because she grew up needing patience. You know what’s funny about that is that nobody in my life except for you would attribute patience.

To me as like a quality that I have. Everybody would say that I’m very impatient, but I love you. You put up with me. So I’m patient with you for 11 years now. Crazy and counting. Cool. to summarize, can you remember your three things? Uh, persistence, asking clarifying questions and patience. Ding! Nailed it.

If you agree with Shreya. What’s the top one? One, two, three. How would you rank them? Let us know in the comments below or do you have a different one?

You messed up my call to action. I’m sorry. We should communicate next time.

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Nevis Multiform Foundation

A Nevis Multiform Foundation is a unique type of offshore foundation.

Like an offshore foundation it is a separate legal entity with beneficiaries.

Also, the founder elects whether to run the multiform foundation like a company, LLC, or a trust.

This makes the Nevis Multiform Foundation resemble entities found in the USA.

Other Nevis Multiform Foundation benefits include:
-can conduct an active business
-no recognition of foreign judgments for asset protection
-no taxes in Nevis
-privacy and also confidentiality from public records
-the founder (person who sets it up) can manage foundation, unless (or until) involved with a lawsuit
-a “supervisor” can step in to manage the foundation if the manager is involved in a lawsuit
-disregarded entity status available for pass-through IRS taxation
-finally, minimal offshore reporting requirements for single member LLC foundation

Colin Ley is an asset protection attorney and the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)

Schedule a free, quick call for us to talk about your asset protection strategy at livemorecarefree.com.