5 Mistakes That Are Destroying Your Asset Protection Plan

In this episode of Anderson Business Advisors, host Toby Mathis speaks with Senior Attorney Joshua Robertson from Anderson Advisors. Josh details the five most egregious mistakes people make when attempting to protect their assets.  From having no real structure to their planning, to failing to comply with their state’s regulations and paperwork, to not paying taxes correctly, people can really screw up their asset protection.  Get yourself educated, find a professional to help you navigate your business or personal asset protection process, and you’ll avoid these common pitfalls.

Highlights/Topics:

• Five ways that people mess up their asset protection:
  • Objectives - People have no objectives to structure their plan, and don’t do it at the right time
  • Anonymity - security through obscurity– keep your assets private
  • Compliance - adhere to your state’s regulations and paperwork
  • Education - know how to correctly protect yourself
  • Taxes - know what and when to pay
• Objectives and timing example: The Montana family land lawsuits example - you have to protect your assets BEFORE there is an issue
• Anonymity story: Patrice Cullors/BLM example - she should have used a land trust with an LLC
• Compliance example: Leland Sycamore and Grandma Sycamore’s Bread and Bimbo Bakeries - Non-compete for baking bread
• An education story: OJ Simpson was able to live comfortably despite legal entanglements because people knew how to protect his assets
• Tax example – ticket scalper in Michigan - son incorporates business as C-Corp, while dad mistakenly continues to file as a sole proprietor

Resources:

Josh Robertson, Esq on LinkedIn

https://www.linkedin.com/in/joshuatrobertson/

Email Josh Robertson

http://jrobertson@andersonadvisors.com/

Call Anderson Advisors 800-706-4741

Anderson Advisors

https://andersonadvisors.com/

Anderson Advisors on YouTube

https://www.youtube.com/channel/UCaL-wApuVYi2Va5dWzyTYVw