Interested in Crypto Retirement Accounts? Check out iTrust Capital!➡️
Everybody wants to talk about making money, but what do you do with once you have it? How do you protect those assets from being taken from you. In this video I’m going to divulge many of the ways you can protect your money so you can create your own multi-layered strategy when it comes to financial security.
0:00 Intro
1:07 Asset Protection
2:02 Don’t Wait
2:53 Insurance
3:36 Homestead Exemptions
4:43 You Can’t Sue…
5:30 Gifting
6:41 LLC
8:03 Confidential Trusts
8:42 Offshore Accounts
10:16 Be Difficult
💱 Use this link to trade with us on BitGet, an exchange that puts users and security first. ➡️
NEW to crypto or NEW to the channel, join the BitSquad:
📚 Grab My Book ➡️
📚 Learn more about crypto ➡️
📈 BitLab Trading Suite | Get access to the best trading indicators ➡️
Protect Your Crypto in Cold Storage:
💳 BC Vault Cold Wallet ➡️
💳 Ledger Cold Wallet ➡️
💳 Trezor Cold Wallet ➡️https://bitboycrypto.com/deal/trezor
BitSquad Tools:
🧾 Need crypto tax help? GET 10% off CoinLedger tax tracking services with code: BITBOY ➡️
🔬 Research with Token Metrics ➡️
⚙️Lux Algo Trading Tool ➡️
🛠 Market Cipher Trading Tool ➡️https://bitboycrypto.com/deal/marketcipher
Represent Your Crypto Squad:
👕 Best Crypto MERCH ➡️
Come Stake On-Chain with The BitSquad:
🧐 How to join Cardano (ADA) BitPool ➡️
●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
Connect with Me & the BitSquad!
Join Me on Twitter ➡️
Join Me on Instagram ➡️
Join Me on TikTok ➡️
Join Me on Rumble ➡️
Join Me on Minds ➡️
●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●
All of our videos are strictly personal opinions. Please make sure to do your own research. Never take one person’s opinion for financial guidance. There are multiple strategies and not all strategies fit all people. Our videos ARE NOT financial advice. Digital Assets are highly volatile and carry a considerable amount of risk. Only use exchanges for trading digital assets. Never keep your entire portfolio on an exchange.
#bitcoin #ethereum #crypto #news #nft #economy #money #blockchain #invest #inflation #cardano #cryptocurrency #xrp #litecoin #dogecoin #shibainucoin #world #asia #americas #europe #middleeast #africa #southafrica #unitedkingdom #france #brazil #argintina #mexico #spain #korea #india #germany
Most of the time in crypto you'll only Hear people talk about how to make money You'll hear countless videos about Trading staking air drops and all this Goes on and on so then we need to talk About more often is how to protect the Money in assets we make along the way if You're going to put in countless hours Maybe life-changing gains it makes Complete sense to have a multi-layered Comprehensive strategy to protect Everything you worked for this might be One of the most important videos You'll Watch all year so let's get it Oh Welcome to bitboy crypto my name is Ben Today we're going to be talking about Protecting your assets to start off Understand that asset protection is a Deep rabbit hole because it varies from Person to person for instance if you own A home run a business if you're married If you're employed or even unemployed Not only that but the rules also vary From state to state as they all have Slightly different laws and regulations Despite all the uncommon denominators I'm going to do my very best to give you All the information you need to take the Next step to protect yourself and your Hard-earned assets also keep in mind This is not Financial advice but if this Video inspires you to move forward with An asset protection strategy make sure
You do so with a qualified professional Some of you might think you don't need An asset protection strategy but what if You get sued get divorced or if a crypto Exchange tries to claw back your money From you because they went and solve it 100 Celsius what I'm saying here is that Life happens and if you want to keep Everything you work for you can take This serious before we break the ice on The specific asset protection strategies We first need to cover one of the most Important Concepts in this video that Concept is don't wait till it's too late I'll say it again don't wait until it's Too late if you go to employ an asset Protection strategy after a lawsuit Begins court is going to Define this as Fraudulent because you're only doing it To avoid paying the legal judgment if The Court decides that you're attempting To defraud a plaintiff they could very Well put a freeze on all your assets Preventing you from transferring them Until the case is resolved don't wait Till it's too late to get your ducks in A row quack quack if you have your asset Strategy set up before an unfortunate Circumstance you'll be in the clear and You'll be glad that you did it of course I'm not illegal or financial expert so Make sure you speak to somebody Qualified to make that decision for Yourself so now let's take a dive into
Different asset protection strategies First up here is an obvious One Insurance this here is a large umbrella Considering there's Personal Insurance Life insurance car insurance business Liability the list goes on and on keep In mind it's different for everyone Based off your needs Insurance on its Own is a big enough topic to do a whole Video on by itself and even if it's a Big headache you don't want to get Caught without insurance trust me you Want to be well insured because if Anything happens the insurance company Is taking the big dent not you and as Important as insurance is yeah it's a Good line of defense but it's not the End-all be-all it seems that they always Try to find some sort of exception to Not pay when you actually go to file a Claim so I have insurance just in case But don't rely on it another thing worth Looking into is Homestead exemptions These protect homeowners from creditor Claims against their primary residence But still everything else is up for Grabs two best states are homestead Exemptions are Texas and Florida stays Like California Arizona New York well it Varies on how much of your property Value is exempt for homeowners not Specifically for those who file Bankruptcy in these situations as long As the value of your house doesn't
Exceed the limit for the state you can Go bankrupt still keep your home if you Have a qualified retirement account like Let's say a 401k these are protected From creditors that's great and all but That's just your retirement fund what About everything else Thank you At this point I'm sure you're wondering What's the real deal here what's the Best thing I can do to protect myself in These volatile situations this next Section is the real meat and potatoes of This video before I really dive into it I want to teach you another phrase You'll hear over and over if you ever Talk to an asset protection lawyer you Can't sue what you can't see the best Thing you can do in an asset protection Strategy especially for high net worth Individuals Is to distance yourself from your own Assets this way they can't be taken away From you as long as you have the right Safeguards put into place there's a lot Of different ways you can do this so Let's look into a few of them from least Effective to most effective I know Everyone wants the most effective Strategy that's also the most expensive So I want to be able to cover what Everyone is able to do step one and the Easiest strategy is gifting 2023 the Give tax limit is 17 000 for recipient
34 000 if you're married because you and Your spouse can both give 70k you can Give 17K to this person and that person Etc etc this also isn't just for cash This could be for Cars Land or anything Of value you go over the seventeen Thousand dollar limit you have to report That in a 709 form to the IRS the XS Reported goes into your lifetime Exclusion once you exceed your lifetime Exclusion which is 12.92 million dollars That's when you have to start paying Gift taxes gift rate is 18 to 40 Depending on where you are and what You're gifting Only The Giver has to pay The taxes never the recipient and you Have to gift a lot of money to get to That point if you're going to use Gifting as an asset protection strategy You really have to trust who you're Gifting your stuff to because once you Do that technically their property so be Careful why gifting works is because it Distances you from your assets this is Similar to how people will have their Car and their mom's name and their house And their uncle's name and things like That this isn't a bad tragedy but it's Not the best strategy so say you don't Want to use gifting but you still want To distance yourself from your assets First let's start with what you can do Inside America Making a limited liability company or an
LLC is a great place to start because The holder or members of the llc's are Not personally liable for any debts the Company has it's not so much about Making an LLC it's about where you make The LLC remember the goal here is to Distance yourself from your assets in Most states if you make an LLC your Name's going to be all over it this is Why I'm making an LLC in States like Wyoming or Delaware are so important Because these states allow you to make Llc's anonymously and don't ask who the Manager is or who the member is or Anything like that obviously you can't Set this up on your own you're going to Have to hire a third party to do this For you keep in mind while your money Goes into the LLC your property will go Into a land trust in this situation you Use a nominee trust which means you Would be on the chain of the title but You're not listed as the correct owner The nominee trustee does not have Control over the property they resign Their position you would still be in Control but people can't see that which Is the most important part for us that's Like an expensive car they would go in a Personal property trust which takes your Name off the title to that asset so the LCS the land trusts and all that well This is where you start but it's not Where the road ends because law
Enforcement or government agencies still Might be able to link it to you this is Why you need to put your LLC in Everything else inside of a confidential Trust states that allow confidential Trusts are Delaware Wyoming South Dakota And Nevada by putting your LLC inside of A confidential trust you're removing Your name from all of your assets Entirely by having an appointed trustee This completely distances you from your Assets because you can't sue through Your trustee keep in mind your trustee AKA someone you really trust could be Your friend bit boy is in control of This situation so you have to make sure You carefully decide who in your life is Going to be behind the wheel of this Thing and as always to do anything like This make sure to talk to a qualified Asset protection lawyer and no don't Really make me your trustee that was a Joke that's how you can make a Multi-layered asset protection strategy Inside of America but the highest net Worth of individuals in the world the Elite so the the elite well they'll Likely not take this route they will Have an LLC inside of confidential trust But the difference is they will do it in An offshore account this is by far the Best way to go about this the three best Countries in the world to create these Offshore accounts are navis Belize and
The Cook Islands all three of these Places have very strong privacy laws They have the most robust asset Protection laws in the world and they're Outside of American jurisdiction and the Real kicker here so you have no income Tax no inheritance tax and no capital Gains tax reason why these three places Are the ideal situation to have an asset Protection strategy this is the most Expensive route but it's well worth it When you think about someone trying to Sue you for everything you have so say You have a valid asset protection Strategy in place and you happen to get Sued and you lose in court now the Person who sued you how to judgment Against you for say a million dollars Guess what your asset protection Strategy worked your assets are shielded And the person that sued you won't be Able to collect the Judgment even if It's outstanding the catch here is the Person who sues you will still have to Pay taxes on that million dollars even If they didn't get it from you how great Is that that's an unlikely scenario but That can't happen it's unlikely because Lawyers will usually do their due Diligence before spending a bunch of Money on a lawsuit sometimes and they Will know if you do or do not have a Bunch of assets to your name that means If you have an effective asset
Protection strategy that will deter them From going after you in the first place Here's the thing if you ever heard of a Homeless man getting sued for Millions You know That's because people looking to sue Target people with money and assets they Can actually take can't draw blood from A stone am I right so listen before this Happens regardless of the status of your Asset protection strategy or anyone Takes you to court you need to push back As hard as you can be as difficult as You can for them to get a hold of you're Not required by law to pick up the phone You're not required by law to respond to An email you have to be impossible even In a callback situation if everyone They're going after simply doesn't Cooperate it would be a lot harder for Them to claw anything back unless they Officially serve you and summon you to Court do not voluntarily put yourself in A position for anyone to screw you over But for the sake of argument here's a Scenario say you don't own a home or any Assets you have a side Hustle but you're Technically unemployed you get sued for Say fifty thousand dollars they stopping You to court you have no choice but to Go unless you want to make stuff worse Unfortunately you lose a case and Because you don't have the money The plaintiff isn't able to recover the
Full amount of the Judgment from you in This case what's going to happen is They're going to plan for you to pay the Judgment off over time the court is Going to put a wage garnishment on any Job you have and they'll put a lien on a Asset you acquire in the future Depending on your situation you can be Eligible to file for bankruptcy which Could eliminate or at least reduce how Much money you owe them all in all you Never want to find yourself in this Situation things outside of your control Will they happen every day you need to Be ready for that doesn't matter if you Only have a thousand dollars or if You're a millionaire you need to be well Informed about asset protection because There's always someone out there who Will try to take it from you if you have The money for an offshore account that's Great but for everyone else make sure to Look into the rules or your specific State talk to a qualified professional Before I go here do your best to Remember these two important Concepts Don't wait till it's too late and you Can't sue what you can't see that's all Of me you get to see today that's all I Got be blessed good boy out Foreign
