What exactly are your biggest asset protection threats?  When I ask that question in a live audience, I always get the knee jerk reaction--LAWSUITS.  No question, lawsuits are bad.  But, is that really your biggest asset protection threat?  My latest YouTube video addresses this.

You know lots of people who are going along “fat, dumb, and happy” then all of a sudden they are broke and on skid row.  What happened?  They weren’t sued, so what caused their demise?

Asset protection strategies are supposed to protect your assets, but what is the enemy?  The enemies you will face for sure aren’t the lawsuit, although that’s what the lawyers and asset protection gurus use as the boogie man in the closet to scare the crap out of you.  No, what you face for certain is much more subtle and even more deadly.

My wife of 47 years died a little over a year ago.  It took five years from her ALS diagnosis.  Taking care of her was my full-time job for the last four years.  I lost a lot of income during those four years.  That’s a big hit.  Of course, I had great insurance, and she was immediately on Medicare as an ALS victim.  She was double insured the entire time.  Looking back, I had out of pocket expenses – not the lost income, not what was paid for by insurance – of over $150,000 per year.  That’s well over $500,000.  I was very blessed, because that didn’t bankrupt me.

Well over 50% of all bankruptcies in the US occur because the family can’t take the hit when a family member has a major illness.  Even just the death expenses can really hurt a family.  With proper legal planning, which you can do yourself, you can protect your assets (business, rental units, etc.) in a case where a family member just gets sick.  Disaster strikes through no fault of your own. 

In the YouTube video, I identify an even bigger threat and then a number of less common threats that wipe out people’s assets.  Check it out.

For those who are seriously interested in protecting their assets, I will have a two-day Virtual Boot Camp coming up January 22-23.  You’ll have to register, and I limit the number of participants because I still do one-on-one consultations with everybody, and I can’t take the time to do to many of those one-on-one sessions.  The virtual boot camp is a lot cheaper and more convenient than the live boot camps, but I love the live events and will go back to them ASAP. 

You have to hurry and REGISTER, because we need time to send you physical manuals and information so you can better participate in the virtual event.  Of course, I encourage interaction, even on the virtual events.  I got a 70 inch TV across from my studio desk so I can see everybody in big format and make it easy to interact.  The first virtual boot camp we did in October was actually good and everybody loved the experience.  We will go through asset protection, taxes, estate planning, IRAs, LLCs, all on an advanced level, so come prepared to roll up your sleeves and dig in.