Keys to Asset Protection, with Douglass Lodmell

Should you be concerned about asset protection? What types of risk should you know about? What you don’t know about protecting your assets CAN hurt you. In this episode, we’re talking with Douglass Lodmell, one of the nation’s leading asset protection experts and founder of Lodmell & Lodmell about asset protection and how it works. https://youtu.be/d173g5beiU8 So if you want to learn about the keys to asset protection, why insurance isn’t enough, and how to protect real estate, other physical assets, securities, and liquid assets … tune in below! Table of contentsWhere Asset Protection Fits into Your Cashflow Creation SystemHow to Keep Your WealthWhat is Asset Protection?Life Insurance as Asset ProtectionLLCs and Limited Partnerships as Asset ProtectionSetting Up Your LLCMisconception of LLCsThe Next Level of Asset ProtectionAsset Protection TrustFraudulent TransferAbout Douglass LodmellContact Douglass LodmellFind Out Your Next Step to Time and Money Freedom Where Asset Protection Fits into Your Cashflow Creation System Protecting assets with legal planning will maximize your peace of mind.  But it’s just one small step of a greater journey. That’s why we’ve put together the 3-step Entrepreneur’s Cash Flow System.   The first step is keeping more of the money you make.  This includes tax planning, debt restructuring, cash flow awareness, and restructuring your savings so you can access it as an emergency/opportunity fund.  This step frees up and increases your cash flow, so you have more to save, and consequently, more to invest. Then, you’ll protect your money with savings, privatized banking and legal protection.  This is where estate planning fits in.  You’ll know that no matter what happens to you, your wishes will be carried out, your assets will remain intact, and your wisdom will empower generations after you.  Finally, you’ll put your money to work and get it to make more by investing in cash-flowing assets to build time and money freedom and leave a rich legacy. How to Keep Your Wealth Once you’re wealthy, the trick is to stay wealthy. One of the number one reasons that a person's wealth comes crashing down is a lack of proper asset protection. Unlike other countries, the United States is very litigious. To put it bluntly, people don’t sue the poor, so you have additional risks to mitigate when you build wealth.  Douglass Lodmell, of Lodmell & Lodmell, is one of the nation’s leading asset protection attorneys. His firm handles $4 billion worth of assets. He shares with us the pyramid of asset protection, and why it matters. What is Asset Protection? Asset protection comes in many forms. If you don’t have any assets, that’s asset protection. Similarly, having assets that are exempt from creditors acts as protection. For example, you could have a $15 million home in Texas, and $100 million in debt, and no one could touch your home because of Texas' homestead exemption.  Another protected asset? Retirement funds, because under the ERISA (Employee Retirement Income Security Act), the government decided not to allow people to lose retirement money through lawsuits. Otherwise, the burden would be back on the government. True protection begins with a review of all your assets. Then you can identify what's exempt, and where to strategize. Asset protection strategies take your assets back off the table and away from creditors and lawsuits.  Life Insurance as Asset Protection Life insurance is another asset that typically falls into the exempt category, however this varies from state to state. In some states, your entire policy could be exempt from creditors, while in other states, only a portion is exempt.  When you’re looking to protect your life insurance, first you must look at your state. If you have 100% exemption, you don’t need to do anything else. If it’s not, then you look for other ways to protect it,