Rob Lambert with Asset Protection Training
Today I’m going to talk about my rules, things that I think are important.
You can see they’re over here on the right-hand side of the page.
The rules are simple the main one, the overriding principle, not even a rule is Trust No One! Button line trust no one. Don’t trust anybody that you don’t have to now reread that and then reread it and then reread it again. That means, when you go out to a party, you don’t brag about asset protection. Ideally don’t tell anybody what you’ve done if you don’t have a need to, don’t!
You may have to someday, trust somebody but you won’t have to do it using the structures that I do. I assume that you don’t want to trust anybody and you want to stay in control of your own assets, that’s important.
Now, remember, you’ve got a persistent opponent, this little red devil here.
Our goal is to use these rules and these tools to minimize his or her ability to take your stuff away now.
What are the rules?
The rules are OBS: Off your balance sheet when what you don’t own can’t be taken from you.
I’m just repeating myself now: “what you don’t own, can’t be taken from you”, think about that.
If you’ve given something away and it wasn’t a fraudulent conveyance, nobody can undo that, it is done. It is not available to your creditors and believe me, it feels just as good to fly on a plane at 30 000 feet that’s owned by your trust, as it does to fly in a plane that you own personally.
The difference is your creditors can take the plane you own yourself away. They can’t take the plane that’s owned by the trust away if your trust is done right; if your plan is done right. Always get everything off your balance sheet even if it can’t be moved, get it off your balance sheet. Get your domestic, commercial real estate off your balance sheet.
By the way, I don’t think you should ever put your home into an LLC, you risk losing your homestead exemption and possibly with some laws that have been proposed your interest deduction. Don’t mess with that, just use your homestead exemption and extract equity. equity but with respect to the rest of your real estate, you can definitely take it off your balance sheet. But that’s not enough, with respect to the other types of assets money, cars, intellectual property you need to get it off your balance sheet.
Then you need to trigger the second rule, no country automatically enforces u.s judgments.
You trigger that by moving your assets abroad and taking control of the rules of the game of the playing field. There are different rules when you’re out of the united states, I think you will find that judges are much more inclined to be fair and not just do what their hearts say they want to do. They will follow the law better, so think about that. Off-balance-sheet and out of dodge, those are my first rules that you need to know.
I introduced another rule which is divide and conquer earlier, never mix liability generating assets in the same entity.
I have 13 right now rules, ever-increasing uh sometimes I’ll add another one then I’ll do a video on that. But for now, this will get you protected and get you in a position where you can think about structuring yourself
The next videos we’re doing are on the Trust Company, I’m going to explain that issue to you.
Thank you very much for watching.