What happens when you work hard to build your dream life for you and your family, and you start to worry that some evening, someone will show up on your porch. They ask, “is your name…?” And when you say yes, they shove a pile of papers in your hands: “you’ve been served” they exclaim.
Concerned about protecting your assets from bogus lawsuits, you look into doing some real asset protection planning. Along the way you learn that in order to have an effective plan, you have to rely on an independent party to help you. This is typically a trustee who would manage your trust.
Now you have a new concern. I’m scared of losing my assets to a lawsuit…but now I’m also scared the trustee of my trust will steal my assets! This is a common concern. How do you trust a company you’ve never met to look after your assets and not take advantage?
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.
Choose a trusted company
Southpac Trust, one of the most trusted offshore trustee companies in the business, writes “all asset protection plans involve a compromise between convenience for the client and safety from creditors.” By convenience, Southpac Trust means your planning should not be so complicated that it is frustrating and impossible to use. I think it also means it should be convenient in that your plan doesn’t cause you to constantly be living in fear that your trustee will run off with your money. If you’re more worried about your trustee stealing your life savings than you are about lawsuits (you shouldn’t be), then what’s the point of setting up an asset protection plan? The goal of your planning should be to have less stress.
Ease your anxiety
If you are worried about having an independent trustee involved in your plan, here are some ways to relax:
- Choose a reputable trustee. There are a handful of trustee companies that the majority of US attorneys use for offshore services. These companies have been around for a long time. They are licensed and insured. If one of these companies were to steal your money, you could file a claim against them to be made whole.
- Nobody wants to steal your money. It’s not in their best interest. Continuing from the previous point, these reliable trust companies have built businesses that earn them millions of dollars a year. Their business would disappear overnight if they were caught stealing assets from a client. Offshore asset protection planning is a small field. Everyone would know and nobody would ever work with someone who stole assets from a client.
- Trust companies and banks have policies in place to avoid having employees rip you off. For example, there may be only one director of a trust company who is authorized to sign for a withdrawal or transfer from your bank account. If a bank were to see the receptionist from a trustee company trying to take money out of your account, that transaction would not be approved.
- You can visit trust companies in person. I get it can be hard to trust someone in a far away country. I felt the same way. It’s why when I got into the asset protection field, I traveled to other countries to meet these trustees in person. You can do that too! It’s a nice excuse for a trip to the Cook Islands or Nevis. The Four Seasons Resort in Nevis is superb. Fly down. Meet their people. Check out their licensing documents and insurance policies and feel good about the trustee you’re working with.
- Be your own trustee. You don’t have to hand over control of your assets to an offshore trustee. While there is no legal threat against you, you can control your own trust. That is what most of our clients do with our PREP Trust®. Then, when you believe you need that extra protection, you can bring on an independent trustee to help you.
Carefree asset protection
Setting up an effective asset protection plan involves placing trust in the people or companies you select to help you. I promise it’s worth going through the process. Choosing a reputable independent trustee (or yourself!) will ultimately let you live a little more carefree.
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.
