The Expanded Worldwide Planning Stories Video Series – Part 2 Episode 4 – Asset Protection 4
Welcome. This video completes the devastating picture of poor asset planning embarked upon by Janice Johanson. In the end, Janice becomes painfully aware of her dreadful mistakes, and vows to protect her future business venture with an asset protection structure using Expanded Worldwide Planning, or EWP for short.
You don’t need complicated and convoluted trusts for rock-solid asset protection. In this video, we learn that Janice could have chosen an EWP asset structure, if she had taken some time to work with her advisor, rather than have this same advisor use a flimsy captive insurance company that eventually failed. Please learn from Janice’s mistakes, and take a simple, straightforward approach to asset protection–an EWP asset structure.
Janice saw the huge, fluttering flags outside the Four Seasons Hotel a block away as she walked west down 57th Street in New York City. She was going to meet Brian. It would be his last billable time meeting with her. Janice did not like letting advisors go, but in their last phone call Brian had almost fired himself. He did not condone his shotty legal work or excuse himself in any way. In a sense, this made it more difficult to let him go. She thought him a rare gentleman.
The bar nearest to the lobby was being remodeled, so they had to meet in the one to the rear of the check-in counter. She did not like the dark lighting, but thought the high mirror that reflected the myriad bottles of liquor a good design. It multiplied the bottles, which is just what she needed. An unknown factor to multiple her funds to pay for the future legal settlement resulting from the accident at her store.
To prepare for this meeting with Brian, she had researched the most likely worst case settlement for the accident. Her online research revealed she could be responsible for Steve’s future earnings as a heart surgeon, medical expenses, plus a large pain and suffering award. Her $100M was at all at risk.
After small talk about her trip to Switzerland, Brian mentioned that she could have done some planning for asset protection that might have protected her $100M from the sale of her business. She remembers Bian mentioning this in the past, but was so focused on growing her business, she always told him to bring it up some time later.
Since returning from Switzerland, she had alternated between anger at her plight and admonishing herself for engaging in ‘what ifs.’ Had the final papers for the sale of her business been concluded, her store accident would have been the new owners problem. Accidents rarely occur at the right time. The final signing occurred two weeks after the accident.
She purposely wore low heels today, so she could walk in Central Park after her meeting. She knew Central Park well and headed to North Wood, one of the most wild and untamed parts of this magnificent tribute to landscape architecture. Walking in the North Wood, Janice recalled her favorite hero in literature, Frodo Baggins of J. R. R. Tolkien’s Lord of the Rings.
Physically Frodo presented quite a contrast to this tall, slender athletic lady in her early 50s, but she reflected on the spirit of this short, squat, hairy footed creatur. It was a spirit of fierce determination to see a job through to the end, no matter what the cost.
So what was Janice’s plan for the future?
From her triathlon experiences, she was acquainted with the world of cycling, and the small bike shops where riders purchased their bikes and accessories. She knew that these bike shops were mostly small mom and pap type operations, and they missed out on the buying power of a large organization. With her wine shops she had built a large, well-run enterprise. Why not for bike shops? A nationwide chain?
It was a beginning. But she vowed to protect her newly hatched idea with an asset protection plan that would fully protect her. This definitely had to be part of her grand plan.
She emerged from the west side of Central Park and headed to 109th Street near Riverside Drive where her apartment lay. She would go for one of her favorite runs down the Hudson River toward Battery Park. If Frodo can deliver, so can I. Why not face the uncertain future in the same spirit that brought her to the top of the world. Stay on top, she told herself. Stay on top.
Our next video begins a new EWP story. This story will give you insightful information on how EWP provides the best tax shield available to protect your valuable assets. Our story details the failed attempts of George Allbright to use a conservation easement to ease his tax burden. George falls for a fraudulent sales pitch, which he mistakenly thinks will solve his problems. As our story unfolds, you will learn that this fraudulent scheme only compounds his problems.
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The opinions expressed in this video are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual on any financial structure, investment, or insurance product.
by Michael Malloy, CLU TEP RFC.
CEO, Founder @EWP Financial