Mark Kohler explains asset protection as shielding your wealth from creditors through two strategies: a defensive layer like a bulletproof vest, and a privacy layer that hides assets from view. The best approach combines both to preserve control over what you've earned.
What is asset protection? Asset protection is simply implementing steps or strategies based on your situation to protect those financial assets you've worked so hard for. It could be equity in your home, it could be a business, it could be an investment. It could be raw land, something that you've worked so hard to create. We don't want to lose it to a potential creditor. That's what asset protection is all about. Now how do we couple this with privacy? Because really, it's two different things. Think of it like a bulletproof vest and camouflage. Now which one would you choose? I don't know. Right? It depends on the situation, but we'd really want both. A bulletproof vest is going to protect us once someone's coming after us. And the type of vest we have is going to depend maybe on the amount of ammo coming our way. And then a camouflage jacket is going to protect us from being seen that invisibility. And if we can combine the two, we're getting better asset protection. And why? Remember, our goal is to try to protect our hard earned assets and maintain control the entire time. I don't want to give up control. I just want to protect it and hide it to the best of my ability.
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