How The Rich Make Their Assets Invisible
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welcome back everybody today I’m going to break down how you can make your assets invisible from potential creditors and those blood sucking lawyers as many of the wealthy do now ironically I am a lawyer and a registered CPA an author of multiple books on asset protection and privacy but most importantly a founder of a law firm that has helped thousands of clients around the country with asset protection many mistakenly believe they have asset protection and privacy until something happens that leaves them completely exposed to losing everything they’ve been working to create today not only am I going to walk you through why asset protection and privacy is so important but give you some actionable strategies to protect your hard-earned assets first what is asset protection asset protection is simply implementing steps or strategies based on your situation to protect those financial assets you’ve worked so hard for it could be equity in your home it could be a business it could be an investment it could be raw land something that you’ve worked so hard to create we don’t want to lose it to a potential creditor that’s what asset protection is all about now how do we couple this with privacy cuz really it’s two different things think of it like a bulletproof vest and camouflage now which one would you choose I don’t know right you it depends on the situation but we’d really want both a bulletproof vest is going to protect us once someone’s coming after us and the type of vest we have is going to depend maybe on the amount of ammo coming our way and then a camouflage jacket is going to protect us from being seen that invisibility and if we can combine the two we’re getting better asset protection and why remember our goal is is to try to protect our hard-earned assets and maintain control the entire time I don’t want to give up control I just want to protect it and hide it to the best of my ability now when it comes to asset protection there really are stages or levels and the more assets you have the more riskier life you live you can add more asset protection to your mix but let’s start with an example of simple medium and then kind of higher level planning and I’m going to explain later why each one of these could be devastating if you don’t follow them so let’s go with a simple example one of the ones I just love that so many business owners and investors Miss is that you may already have an LLC you may already have a little Corporation for your project are you maintaining it when was the last time you had a board of directors meeting or Board of advisors meeting do you have a corporate book do you have an operating agreement and bylaws and minutes and all those Basics I know many business owners just have one sheet of paper from Legal Zoom and think I’m good no you’re not I’ll explain the problems that can happen later if you’re not but that’s a simple thing it doesn’t cost a lot of money you don’t have to go pay a lawyer to do that we have some company maintenance programs that are $200 to just maintain that for you but you can even do it yourself it’s a simple level of asset protection that can make a huge difference in a potential lawsuit now next level up I like to understand what I’m doing I like my business owners to understand the structure and how it all relates together I call it the trifecta and when I have a trifecta I see how it all works together cuz good asset protection is this vest that may now may incorporate a shield you think of those you know cops that are on the lines of a big Riot they’ve got their bulletproof vests but now they’ve Incorporated some more pieces to that protection takes a little more work but it could add a lot of value and so a tri ecta is integrating is bringing it all together your tax planning your asset protection and Estate Planning and it can just make everything so much more strong now the third level is maybe I don’t know if it’s Tony Stark and Iron Man because nothing is impenetrable a potential lawsuit but you know think of something that’s more full-on body armor and that would be more advanced asset protection in that level we start incorporating what’s called a charging order protection entity a cope entity it’s an entity maybe in another state that provides some privacy we’ll come back to that but it may provide another layer of protection so now we’re stacking on layers of of entities in different states to give you better protection because you have more Assets Now I’m going to explain the problems that can occur if you don’t go through those different levels as needed and talk about the why and the how in just a moment but now let’s pivot and go back to privacy and being invisible or a little harder to find or maybe your assets are a little harder to find so what would be a basic level affordable simple stage in better privacy shredding paper I know that sounds kind of weird right but it’s actually a pretty simple thing to do and that’s not maybe put my credit card bill statement in the garbage maybe not put my stock brokerage statement that showed up in the mail in the garbage there are people that will pray on dumpsters just to gather copies of checks or copies of statements so they can abscond your your personal information and steal your identity so what do you do shred paper easy schmeezy you’ve got a little Shredder by your desk at home and you put important stuff in there to shred to protect your privacy right that’s level one doesn’t even cost you anything just an extra little step it can be kind of fun too now in privacy in my book I have got 15 different things you can do at each level and it gets pretty fun and exciting it can almost get addictive creating a little more privacy in our life when we feel like we have big brother always watching us or someone that’s trying to steal our identity right let’s go to level two what a couple other things you could do that maybe take a little more time and effort maybe a little you know spending and that would be going around your house your property and doing a video taking a video of all your belongings just on a random basis maybe once a year just make a goal to do that because you might have an insurance claim it could be an act of God like a tornado it could be a fire it could be a theft a Breakin and you need to show and prove what do I own insurance companies they don’t rush to your side to always pay a claim they’re not that friendly so don’t think they’re going to come running into the door and write you a big check you got to prove what you freaking lost so walk around your house sometime and shoot a video could be on your phone for crying out loud and then you know export it to a little flash drive or something because guess where you’re going to put it in a fireproof safe you can get a fireproof safe at Target or Walmart for under 100 bucks that’s where your passport should go your will your some of your important titles that you might have to property that’s paid off and a little flash drive of a video of what you own and it’s at a fireproof safe that if anything ever happened boom you’ve got it help me help you help me help you have you seen that Jerry McGuire what you’re doing is helping your lawyer helping your insurance agent by documenting these things that’s level two now level three oh it gets even more fun sometimes we don’t want our name out there on public record have you ever Googled your own name be careful it can be scary so as you start to accumulate more assets and more exposure sometimes it’s nice to sit back and go you know what I don’t need everything I own out there on the web my address my entities my property so level three we start to create entities where your name may not be there your home address may not be on there we might start using a PO box or a mail forwarding service something we offer at our Law Firm they go to look you up they got to call my Law Firm so level three is when we start to take you off the grid to some degree people do public searches when it comes to assets or going after property or entities and your name’s all over these companies and properties properties those become assets that a creditor might want to go after so in in keeping it simple here we would want to use a male forwarding address a po. box and we have that service at our Law Firm where you would use our address on anything on public record and all mail would go through into a digital mailbox so that your personal home address is nowhere now it takes a lot of work to get to that level where it’s nowhere but you can start doing some things to keep your home address off public record and if you own property we’re going to set up ENT ities that really don’t show you as the owner or the manager and your personal address is not tied to that entity so that’s more level three you’re just wanting to make sure your property and your businesses are private if someone starts to go out on the web and look around and again there’s all sorts of apps and other ways to create internet privacy just like I was saying duck do go so that would be level three and we want to think about that when we have more and more wealth and need more and more privacy now why are we doing all this we’re doing all this because we work so hard to build wealth and build a future and build income and someone can come through and take it away like that it’s scary let’s look at some of those examples again so if we go back to the asset side when I do corporate maintenance when I maintain my LLC or my Corporation and I get in a lawsuit a judge wants to know if you respect your LLC if you really have an LLC or a corporation did you respect it did you have separate banking did you do your minutes do you have a corporate book my first experience with this was when I was in college and I had this guy that didn’t pay me in my little business many of you have heard my stories I was a janitor for eight years working my way through school and this guy stiffed me for like three or four grand and I was going to take him to court I wanted my day in court you know I wanted my judge watner Judge Judy moment so I I sued him and when I got to court he showed up I’m not kidding with two lawyers I think the fish story grows here but he had I know he had a lawyer we get up there in front of the judge and he’s like you this kid can’t sue me I have an LLC or I have a corporation he had some entity and he goes He sued me personally he can’t touch me now I was in I was pre-law and I was in my senior year ready to jump into law school and I was so excited and I had a professor that kind of helped me prep for this thing and so I said where’s your entity do you have your corporate book do you have your minutes can we see your LLC your corporation and the guy said well I I have some of that stuff but you know I filed with the state I have my piece of paper I’m a corporation and I said to the judge well if he doesn’t resp respect the corporate veil why should we he should be doing all the stuff he’s not doing it and the judge said you know what you’re right Mr ker you win it was pandemonium there was press outside the no there wasn’t but I was so excited and I freaking stuck it to this guy and he ended up paying me out in the hallway because I pierced the corporate veil now that’s an example of just level one asset protection that’s just maintaining my freaking entity so if I get sued I can say yeah judge look I’m standing behind my entity I’m standing behind my LLC I maintained it I respected it cuz if you don’t no one else will so why are we doing all this again now what was the example of level too it was this Trifecta having a picture let’s go to the Whiteboard let me show you what this looks like this is a structure we build for all of our clients when they do a comprehensive consultation and it shouldn’t cost you more than $1,500 $1,600 so the trifect is made up of three parts boom boom boom this is your revocable living trust an important part I talk about all the time is the foundation and your tax return is down here and over here on the right side are your assets and on the left side is your operations and so we want to structure your life to create a firewall between whatever you’re doing in your day job in your small business we want to create a firewall so they can’t get at your assets so in your asset side we might have rental property in LLC and we want to protect those rentals from other assets that you might have so over here we’re creating asset protection with an LLC and over here we might have a Inc or an escorp or an LLC who knows and this is your small business and so we’re going to create more tax strategy over here but also protection and as we can incorporate tax strategy your estate plan and asset protection people we just made you almost indestructible cuz now we’re bringing the whole structure together doesn’t that make sense it’s not even that complicated we got a trust we’ve got our operations and we’ve got our assets now it can evolve it can change and it’s going to grow but that simple picture creates a level two of strategy cuz we’re coordinating things it’s like you’re weaving a tapestry and something that’s woven together is going to going to be stronger than just one piece of paper we want to weave it together that’s the trifecta now level three was a another Advanced strategy we won’t dive into the details but these charging order protection entities are that next level where I might set up an entity to own all the other things I have let’s go to the trifecta for example so when we build that Trifecta out we might create a holding company this would be a cope and this holding company creates two two-way protection now they can’t get out of the entity and come towards me and they can’t get into the entity and it owns everything else it may own a lot of other assets and structures and Investments and crypto and stock and who knows what but this cope is an extra entity of asset protection that’s next level and we may not need that next entity until we’re at a level of more assets so in summary why are we doing all this to protect the rental property to protect our home to protect getting gar our wages to protect all of the hard work we’ve been doing to build wealth we want to stop some creditor that wants to come after us in some potential lawsuit or again a natural disaster a some terrible thing that happens that we weren’t prepared for I want you prepared now let’s go back over to privacy cuz remember we want to bring the vest or this body armor in combination with some hiding some privacy that camouflage and if I can go from a camouflage jacket up to maybe some sort of invisible Predator suit you know I don’t know the more privacy you need we’ll build it out right so what was level one shredding paper right we don’t need our personal information getting stolen from a garbage can somewhere let’s be a little more private and then number two creating that video and having a fireproof safe somewhere in our home and it doesn’t need to be that elaborate either that fireproof safe could be in the closet in the corner just somewhere that if you’ve got a disaster that or a travesty or something really bad you can go after those important documents and know that they’re not just sitting in a drawer for someone to steal or for a fire to take away or a flood or who knows what that’s why we do that next level now the third level man we want to start taking our name off the public record and the grid it kind of just keeps good honest people honest you know what I mean if all of your stuff’s out there even honest people can be tempted but we don’t want it out there we want to create this third layer sometimes for clients where it’s really hard to find out what they own you want to disappear I’ll help you disappear now it takes more work takes a little more money and it takes some planning but you can get there now how do you do all this it’s getting a professional to help guide you through it that you trust and believe in it’s watching videos like this it’s just learning I’ve got a podcast I’ve got my books I’ve got ongoing videos just start following the things I’m talking about I’m not going to try to lead you astray I’m not going to try to sell something you don’t need there’s these companies out there that just sell one thing to everybody and they use fear tactics and and it’s just not right this industry of asset protection can get really dirty so I’d like you to just start with the baby steps easy basic things you can do that don’t cost a lot of money start learning and studying and following me on these things and when you’re ready and some of you are already ready for this get a consultation with one of the lawyers on my firm again 1,500 to two grand boom you got a plan you got a plan that you can start to implement tomorrow it doesn’t have to be expensive and you can start adding the asset protection and the Privacy as you need it and as you grow and as you evolve and how you maintain it it’s just a consult once a year now some of you that have a lot going on May say well I need a couple consults during the year and I got a lot of moving parts and I’m buying property and I’m doing okay I get it but it’s just like going to the dentist you sometimes you got to put on the braces right got to go to the orthodontist kind of set set it straight and then you can maintain it you go back once a year you get the rubber bands adjusted whatever I don’t know never had racist thank Evans but you’re going to the dentist you’re going to the orthodontist on a regular basis to maintain and it doesn’t have to be super expensive I’m telling you if someone’s trying to sell you some asset protection plan of 5 10 15 or 20,000 I’ve seen scary numbers out there I don’t care if you’re worth $10 million you don’t need to spend that much I mean it get a second opinion from one of the lawyers at my firm we’ve been around 15 plus years and we love our Main Street clients from around the country just get a second opinion at the very least what do you got to lose so in summary asset protection privacy it is something that every American needs because we’re trying to build wealth we want to feel safe we want to feel like we control our assets and we want to build and if we’re going to do that we may want to have a plan we may want to have a plan to protect all of that hard work and that’s what privacy and asset protection is about and it doesn’t have to be a mystery and it doesn’t have to be expensive you can do this now you know the exact strategy and the steps you need to take to move forward with better asset protection and privacy in your life you can move forward with confidence the wealth you’re building can be protected and you can sleep more rest assured that someone may not be stealing your assets or your identity in the middle of the night now if you’re still unsur that you’re not doing enough to protect your assets and create more privacy watch this next video on why the wealthy put everything they own into a trust [Music]Welcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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