Sep 14, 2021
Summary:
The world is full of people that would love to take your hard
earned cash, but this can be prevented with the proper planning and
an asset protection program in place before you need one. Today we
have Douglas Lodmell on the show to talk about the importance of
asset protection, and some of the steps required to acquire this.
It's as simple as figuring out what you have, and what needs to be
protected that isn’t already.
Highlights:
-Asset protection - the world is full of people that want to take
your hard earned cash. The key is to have an asset protection
program in place before you even. need one
-Asset protection doesn’t mean anything until you actually need
it—most people don't look into this until after they realize they
need it
-There two types of people: those who have assets and those who
don’t
-Figure out what you have, and if you already have asset
protection; take an inventory and pinpoint what is protected/what
isn’t
-There are 2 asset categories: exempt assets, which are already
protected (i.e. homestead, retirement plant, etc.) and unprotected
assets
-In the asset world there is asset exemption and then asset
protection
-Now we have foreign asset protection trusts (established in
1994)
-19 US states currently have some sort of domestic asset protection
trust legislation
-There are standards that outline what makes a trust a US trust
-Grantor trust is disregarded for tax purposes
-Asset protection is between $25k-$30k for the most part
-An ounce of prevention here is like a pound of cure
Useful Links:
Financial Survival Network
Lodmell & Lodmell