Summary:
The world is full of people that would love to take your hard earned cash, but this can be prevented with the proper planning and an asset protection program in place before you need one. Today we have Douglas Lodmell on the show to talk about the importance of asset protection, and some of the steps required to acquire this. It's as simple as figuring out what you have, and what needs to be protected that isn’t already.

Highlights:
-Asset protection - the world is full of people that want to take your hard earned cash. The key is to have an asset protection program in place before you even. need one
-Asset protection doesn’t mean anything until you actually need it—most people don't look into this until after they realize they need it
-There two types of people: those who have assets and those who don’t
-Figure out what you have, and if you already have asset protection; take an inventory and pinpoint what is protected/what isn’t
-There are 2 asset categories: exempt assets, which are already protected (i.e. homestead, retirement plant, etc.) and unprotected assets
-In the asset world there is asset exemption and then asset protection
-Now we have foreign asset protection trusts (established in 1994)
-19 US states currently have some sort of domestic asset protection trust legislation
-There are standards that outline what makes a trust a US trust
-Grantor trust is disregarded for tax purposes
-Asset protection is between $25k-$30k for the most part
-An ounce of prevention here is like a pound of cure

Useful Links:
Financial Survival Network
Lodmell & Lodmell