463: Everything You Need to Know about Asset Protection in 30 Minutes

Wealth Formula Podcast

One of the rude awakenings I’ve had about the legal system in our country is that its not really about who is right or wrong. It’s about risk mitigation. In my former life as a practicing surgeon, I saw this in the form of malpractice law suits. Experienced surgeons will tell you that if you have not had some complication during surgery in your career, you simply have not operated enough. That’s why we have robust consent forms and processes making sure that patients are aware that complications are always possible and do occur. I once had a complication in a procedure that was well known. In fact, the consent form specifically named this complication multiple times and even provided the incidence of this specific complication based on published studies. Unfortunately, the patient decided to file a malpractice suit against me even though he recovered fine. Why not I guess? Lawyers will take up just about any case if there is a chance to make a buck. I was appalled and thought for sure it would go away. But, as it turns out, my attorneys felt that it would be smart to have insurance settle the case rather than risk a bigger loss by going in front of a jury. Since then, I have been in multiple business litigation matters. And again, its not about who’s right or wrong. It’s often about calculating how much it would cost to continue with lawyers rather then an evaluation of the merits of the case. Bottom line is, its not about who’s right or wrong. It’s about who’s got the money and who’s willing to spend it. That’s why the best defense against frivolous lawsuits is to turn yourself into a really ugly target. You want lawyers to look at you and realize that trying to get money from you is just not worth their time. And that, my friends, is the basis of asset protection. Sounds cynical I know. But that is the truth. So how do you turn yourself into a skunk that no one wants to get near? That’s what this week’s show is all about. Doug Lodmell, my friend and asset protection attorney will tell you everything you need to know about asset protection in 30 minutes. 06:25 Introduction to Asset Protection 08:32 Understanding the Basics of Asset Protection 12:18 The Importance of LLCs in Asset Protection 16:25 Creating a Holding Company for Investments 20:11 Advanced Asset Protection Strategies 24:34 The Role of Asset Protection Trusts 28:16 Navigating Legal Challenges and Criminal Considerations 32:28 The Bridge Trust: A Hybrid Solution Get a free consultation with Doug Lodmell: https://www.lodmell.com/