“A company can't produce income without assets. So protecting assets is critical to the survival of every company.”
– Hendrith Vanlon Smith Jr
Jason A. Duprat, Entrepreneur, Healthcare Practitioner, and Host of the Healthcare Entrepreneur Academy podcast, talks about Asset Protection and decreasing the risk of being involved in a lawsuit. In this episode, Jason shares real-world scenarios faced by successful but unprepared individuals as well as relevant advice to avoid getting caught up in a similar situation. Tune in until the end to find out who won our special giveaway!
3 KEY POINTS:
- Make your assets invisible to your potential opponent.
- Decrease the chance that somebody will want to sue you.
- Hire a qualified attorney specializing in Asset Protection.
EPISODE HIGHLIGHTS:
- During the pre-filing phase, law firms hire private investigators to do public record searches to figure out how many potential assets their target defendant has.
- Make sure that anything that you own is not going to show up in a public record search.
- In another episode, Jason talked about Asset Protection. Certain states have something called “Tenancy by the Entirety” which creates strong protection for your home.
- Here's an example of assets you want to keep hidden: houses, cars, boats, and businesses.
- Problems sometimes arise when people create their business by filing with their Secretary of State themselves. They tend to make mistakes such as listing themselves as the registered agent and the manager of the business and revealing themselves to the public.
- Settlement Value Calculation: What attorneys use to determine whether or not they're going to pursue a case.
- Jason follows YouTuber Attorney Toby Mathis who talks about this same concept and refers to it as Security through Obscurity.
- Work with a qualified attorney who specializes in Asset Protection.
- TAKE NOTE: There are business attorneys who have no experience in Asset Protection.
- To make your house undiscoverable, you can use a Land Trust. The title goes into the Trust's name and there's a trustee assigned.
- To get yourself off of a vehicle's title, have an LLC own it.
- If you own businesses, you don't want them directly tied to your name. Paying for a registered agent will keep your name off the Secretary of State's website.
- If you're going to settle, make sure you're settling within insurance limits, that you have plenty of insurance, that you appear as if you own nothing, and you remove yourself from the public record.
- Robert Kiyosaki says that he is worth millions, but owns nothing.
- You have to take action before you ever get named in a lawsuit.
CONGRATULATIONS TO OUR 2022 GIVEAWAY WINNERS!
- Cuicui Zhang
- Jeremy Holmen
- Tammy Smit
- Laurie Groth
- Lauren Kubla
TWEETABLE QUOTES:
“Nobody's going to ever sue a homeless person because there's nothing to go after. Successful people get sued. The more successful you are, the bigger the target on your back.” – Jason A. Duprat
“Make your assets invisible to your potential opponent.” – Jason A. Duprat
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RELATED EPISODES:
- #132: TACTICAL TUESDAY: PROTECT ASSETS & LIMIT LIABILITIES WITH AN LLC
- #248: ERIC MILLER: BUILD BUSINESS PROFITS, ENTERPRISE VALUE & ASSETS AS A PRACTICE OWNER
- #269: FINANCIAL PLANNING, ASSET PROTECTION, AND HEALTH INSURANCE TALK WITH JACOB BEVILACQUA
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