I wish I could get all of my readers to recognize that Asset Protection is not some “plan” you buy for a set price… Instead, it is a process.
Asset Protection is not something you get for paying us (or one of the many “experts” (yeah!) out there) a fee. It is not something we just build for somebody, and then they can go to sleep, rest assured that they are safe and their life will be well.
NO…none of that is true!
Asset Protection is both:
1. A state of mind, and
2. A process.
STATE OF MIND
Asset Protection is a “state of mind” because there is no “one-size-fits-all” solution. It is different for each person at each stage in life.
Remember, there are many different types of Asset Protection — from looking both ways when you cross the street to implementing a full-blown plan. There are many different decisions to be made.
Asset Protection (at least the “state of mind” type) is not just about protecting your money.
-Eating the right foods
-Homesteading your house
-Insuring your home, cars and health
-Spending time with your spouse
State Of Mind Asset Protection is about being careful with yourself and your family. When I was in law school, it was common for us to talk about “quality time” with our children with a quick nod, as if “quality time” could make up for “quantity time.” As it turns out, this is not true. If you want things to turn out well with your kids, you need to spend a substantial “quantity” of “quality time”… and even then, you are fortunate if they are still talking to you when they reach 25.
With that said, the “State Of Mind” type of Asset Protection is an ongoing process. Day by day, we try to keep ourselves from being decimated by time, and the other debilitating situations we confront every day.
State Of Mind Asset Protection also involves mostly “domestic” Asset Protection. It is usually less expensive and something that everybody should implement, whether or not they can afford to hire some fancy consultants like us. It involves common sense, like taking care of yourself and changing your oil.
PROCESS DRIVEN ASSET PROTECTION
Process Driven Asset Protection usually involves MONEY. This is the stuff we are mostly hired to do. It is not always the most important (just ask somebody in the midst of a divorce); however, it is the most mechanical.
Normally, with some analysis, a structure can dramatically increase the protection that your “financial” assets enjoy. This may help you sleep.
In all cases, you can count on several things:
First, the structure will change in response to the attack you face;
Second, if you forget the personal or “State of Mind” Asset Protection, you will regret it, regardless of the success of our “Process Driven Asset Protection” results; and,
Third, there is no “one-size-fits-all” plan.
The third issue is: Why I am writing this newsletter?
It is so common for me to get a call asking for a “plan” that will “fix” the problems. There is no such plan.
Remember, any solid plan confronts the specific circumstances of a specific person: You … and no plan that I can do will help you with what is perhaps more important: the “State of Mind Asset Protection” issues.
Take care of your health and your family, and then worry about your money. Each is important, but neither is more important than the other.