April 25 Webinar

I have a simple question I can start with: Fay asks “How is this different than most of the mainstream asset protection plans?” It isn’t. The only difference is that this does not cost $25,000 for the documents. I am compensated by Mayfair and this is a new way to deliver asset protection services and they are going to give you the same information and documents that you will get in the mainstream asset protection plan you just do not have to pay all the big bucks. It is the same documents, jurisdictions, same type of banks, everything is the same.

EJ asks: “I have assets that I want to protect for the legacy of my family.I have been advised by some lawyers that all I need is a few million dollars in umbrella insurance. Any thoughts?” A lot of people come to me and say I want to be made insolvent, make me so I am not a target. make the insolvent.” Guys, asset protection is not meant to make you insolvent. It is not a tool to eliminate your need for insurance. the main benefit for insurance is defense…it allows you to pay lawyers if something happens with a nuisance lawsuit or a regular lawsuit. Normally if you have good liability insurance, they will pay for your legal fees.

Another question: “Brad writes: my only worry is banking failure.” I always tell my clients to choose your own bank. All you are getting here is the tools to let you open a solid bank account anywhere in the world. That is all you are getting. There is no magic about going to banks in Belize or anywhere else. If you can get great bank accounts in Switzerland or Hong Kong or Barclays Singapore, those banks are wonderful and are stronger than any US bank including Chase and Bank of America and Wells Fargo. Those banks a great but the problem is you need to take your own banks and you need to be comfortable.

The reason that Mayfair is offering a banking option and the capacity to do business and get a bank account in the lease is only because of their proximity and relationships. Because they are in Belize and visit the banks nearly every day and provide millions of dollars of referral to the banks, they get great treatment by the banks and may save you a lot of work. But I want you to know there is no magic.

Here is another question: Joy writes, “how safe funds in a Belize Bank?” Joy, there is no way to give you any confidence that any bank anywhere in the world is 100% safe. Even the banks with insurance are not 100% safe. I can tell you that the banks of the leaves are really strongly regulated by the Central Bank, but remember police is not the only place you can go. The hardest thing about getting an international bank account is getting your first international bank account. how safe is it? Belize has 24% reserve requirements. in the United States, the reserve requirements are averaging 3% across-the-board. If there is a run on American banks we are dead meat in America. I feel very comfortable with Belize.

You should be able to point to the fact that your trust was not funded with the fraudulent conveyance. Yes everybody has lawsuits, but if you are looking at lawsuits that are rendering you potentially insolvent this is not the kind of situation you want. You want to go to a real accident who knows where the lines are because you do need a major plan. The plan that Mayfair is doing is for those who are taking a prophylactic approach, a preventative measure.

Brian asks: “My real estate assets are in separate real estate LLC’s and my houses in the trust. How do I associate this with a foreign asset protection trust?” While those of you who can see the diagram on the screen can see that it is quite easy to have really straight or bank accounts in the United States the little green triangle, we need to do is format family limited partnership that can be owned directly by your trust or directly by your offshore LLC. But having your real estate owned by your asset protection plan starts the statute of limitations running and if trouble starts to arrive, remember you are going have a couple of years notice entering a couple of years you will see that you are about ready to have a 12-gauge shotgun leveled at your head, well, you might be selling that real estate, turning them into cash and moving them abroad and knowing that cash can never be taken, but your real estate could. Do not expect real estate have the same protection as cash. Cash is moved out of the country when trouble starts and it is virtually impossible for a creditor to get.

The sooner you get going with the streamlined asset protection solution, the sooner you can stop being vulnerable to people.