Done early and without motive to screw over existing creditors, you’re within your right to put an asset protection plan in place.
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 folks. Colin and Shreya Ley here of LayRoots.
We are an asset protection.
An amazing asset protection law firm.
You changed it up.
I did.
You changed it up to take the words away from me.
I wanted to talk us up a little more. I should have told you that ahead of time. Hey, Shreya.
Yes, Colin.
Yesterday we talked about a subject on some people’s minds of whether asset protection planning, doing it is gonna make you look bad.
Right.
And guess what?
The answer is no.
The answer is no if you didn’t watch. I just saved you four minutes.
Sorry.
But it reminded me of the guy, the jurist, the most prudent of jurists with the best name in the world of all time, in all history is Judge Learned Hand.
Yes.
Do you remember him from law school?
Yeah, he’s everywhere. He is quoted all the time. Everybody loves his name.
His name is Learned Hand.
Yeah, it’s the best, it’s as though it’s a pseudonym it’s so good.
Well, he’s got some famous quote, Shreya.
He does.
And hey, let’s just jump into it. Let’s throw it out there.
Yeah, please.
All right, here we go. I’m gonna read it.
Please do.
And then we’re gonna adapt it for ourselves.
Yeah, just do it.
All right. Judge Learned Hand . I almost said ham. He had something about income tax planning.
Just read it, Colin.
Okay. “Anyone may so arrange his affairs “that his taxes shall be as low as possible. “He’s not bound to choose that pattern “which will best pay the Treasury, “there is not even a patriotic duty “to increase one’s taxes.”
Love it.
So that’s the idea of do you have a duty to pay more taxes? Can you do planning to avoid paying so much in taxes?
Right, to reduce your tax burden.
And everybody agrees, as long as you’re doing things that are legal.
Right.
You can do that, you don’t have to pay more in taxes. You can pay less, fewer taxes. Fewer dollars to the man. And I’d like to think if ol’ Learned Hand were talking about asset protection.
He would say something like this.
Anyone may arrange his affairs so that his asset protection shall be as high as possible. He is not bound to choose that pattern which best pays the court. There is not even a patriotic duty to decrease one’s asset protection.
I think that if it had come across his desk, that is something that he would say.
I can see it in the annals of history.
Yes.
Maybe I could take that quote if I had a cool enough name.
Yeah, I mean, Ley does mean law.
As long as you are planning for future unforeseen creditors, potential creditors.
Yeah, and doing legal planning, you have all the right to do those legal asset protection planning.
Legal legal planning.
Legal legal planning. So hope you enjoyed that. I enjoyed it, I was so happy to get to talk about.
I enjoyed it.
The Learned Ham and see you next time.
