#038: Protecting Your Assets From Lawsuits and Other Liabilities
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 18 September 2017
⏱️ 31 minutes
🧾️ Download transcript
Summary
If you've put together a little bit of money, or you have a regular stream of income, it's reasonable to be concerned about protecting those assets from lawsuits or other types of liability.
Today, John explains some of the simple steps you can take to put some protections about the money that you have.
First, consider what type of liability you might face. Second, consider what assets might be at risk. Third, check out your insurance coverage. Fourth, separate your business assets from your personal property, and figure out the right tool for each object.
Highlights include:
- What assets or income are protected
How your insurance coverage factors into the decision - Different strategies for business vs. personal assets
- How a revocable trust doesn't provide protection
- How Delaware changed the rules
- Bonus: John explains the history of trusts - using Devin in his story
For more information, visit http://bigpictureretirement.net/038
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide specific tax, legal, or financial advice. |
| 0:05.1 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:12.5 | Hello everyone and welcome to the Big Picture Retirement Show, where we deliver insight on what you need to know for a meaningful and successful retirement plan. If you are planning |
| 0:22.9 | for or living in retirement, this is the show for you. I'm Devin and with me today is John, my co-host. |
| 0:30.2 | Hey John. Howdy. |
| 0:33.0 | Hey, John, before we get too far into the show, I want going to remind our listeners about the Amazon Echo that we're given away. |
| 0:39.2 | I know you've mentioned it's one of your favorite pieces of technology, and I use it all the time in my house and here in the office as well. |
| 0:45.8 | So if you don't already have one, you need to get signed up for this. |
| 0:49.8 | Just visit big picture retirement.net forward slash echo, and you'll get all the details right there. |
| 0:56.7 | John, it's finally cooling down some in Texas. Yeah. I hope it cools down even more. As we move |
| 1:02.1 | in the fall, it will, but you know, it's still hot here in September. So we'll see what happens, |
| 1:07.3 | but we'll get to turn the sprinkler systems down a little bit at least. |
| 1:17.0 | So I don't watch that much TV, John, but when I do, I notice there's a lot of commercials by your ilk on there. |
| 1:19.8 | Not really by your... |
| 1:20.9 | That's not fair, because all of you guys are separated out into these different groups, but a lot of |
| 1:27.1 | lawyers. There lot of lawyers. |
| 1:27.8 | There are some lawyers. |
| 1:29.2 | And unfortunately, typically the lawyers that you do see advertise predominantly are going |
| 1:34.5 | to be your ambulance chasers. |
| 1:36.0 | Absolutely. |
| 1:36.7 | Yep. |
| 1:37.0 | You see a lot of those. |
... |
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