If you want a higher level of asset protection, you can’t do it alone. You need trusted advisors who can act on your behalf. If you have 100% control and ownership, you have the ability to hand over your assets to a creditor.
Colin Ley is an asset protection attorney and the creator of the PREP Trust®. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
Want to protect yourself from stupid lawsuits? Schedule a free, quick call with me at livemorecarefree.com.
Transcript:
- Another one of the fundamentals of asset protection that we tell people about is that when you want to get to a higher level of asset protection where if somebody does end up suing you and winning, you want to be able to protect your assets from somebody collecting them on that judgment, right? Taking your assets away. And you can’t do that alone. If you are the one person in your asset protection plan, you control everything, manage things, own things directly, then you can lose your assets when a judge tells you to hand them over to your creditor.
- And they’re gonna do that.
- Yeah, they are. Now, I mean, these are these legal ideas that we’re talking about. I mean what would happen if we thought about maybe a different scenario that somebody might be in, right? When they’ve created this scenario where they’re all alone. They’re totally responsible for themselves and everything that’s happening around them. But then suddenly, they find themselves in trouble.
- Yeah.
- They need a helping hand. Otherwise, they’re gonna be stuck in a bad situation. So let’s think about that. I’m out here. All alone in my boat. No paddle, no way to get ashore. I’m just here, all by myself, stuck in this pond. I’m a smart guy. I’m independent, resourceful. But here I am, just waiting. In need of some help, and I don’t know when it’s coming, if it’s coming. Hello. Help. Hi, do you need a hand, maybe? I can help you. Just a second. Here it comes. Thank you, yeah, pull.
- There are many times in life when you don’t want help from other people. For instance, Colin, when we make these videos, doesn’t want me to help him come up with the messaging and yet, I butt myself in and do it anyway because it’s better when we’re working together on it.
- That’s true, and if you find yourself stranded on a pond or up a creek without a paddle, it’s helpful to know who you can rely on to pull you out of that situation.
- So we hope you found this helpful.
- And in conclusion, to get to that higher level of asset protection where you are not just discouraging lawsuits but you’re able to survive after a lawsuit is filed against you, you need to have people on your team who can act in your best interest to protect you, your family, your assets. You can’t do it alone, people.
