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4 ways to protect your home from a lawsuit - YouTube
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- Here are four ways to protect
your home from lawsuits.
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- I'm excited to hear about them Colin.
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- Well I'm glad you are.
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I scribbled down some notes
on little stickies right here.
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All right, so let's throw
out four common ways
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you can protect your home from a lawsuit.
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And this is something that
we see a lot of times,
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this is something that people
are very worried about,
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say something happens, car
accident, any number of things.
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- Any number of things,
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they want to make sure that
they have a place to live.
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They have shelter over their heads,
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they can't lose their home.
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And this is, I think particularly,
a concern in these areas
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where homes are a huge part of
a lot of people's net worth,
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like California, Seattle.
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- It's crazy how much
they're worth these days.
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And can you imagine getting kicked out
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and living on the streets?
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- No.
- That would be a real bummer.
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- It would be a bummer.
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Nobody likes to sleep in their car.
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- Well.
- No.
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- Please?
- No.
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- Okay, still hoping to
get that van someday.
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All right, so four ways.
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Straight out, number four
I'm going with is the one
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that we don't see a lot
of people talking about,
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this is unique for us,
it's just being nice.
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We've talked about this before.
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There's studies out there,
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that's all I'm going to
say, that's my citation,
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that show that if you
show compassion, empathy
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to people who have been wronged,
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or maybe they haven't been wronged
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but they think they've been wronged,
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that you could avoid litigation, conflict
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if you just are nice to them.
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There's many examples.
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I think the one we talked about before
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was a woman who lost her
eyeball when she got hit
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with a golf ball at a golf course.
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And she ended up suing or
said she was going to sue
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because nobody ever asked
her how she was doing.
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She didn't even want them to say sorry,
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they just wanted someone to be like,
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"Hey how you doing?
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"Sorry your eyeball exploded."
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- Right.
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- Oh, there's another one too.
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Oh there's studies that
show doctors are so much,
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and probably lawyers too,
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are so much less likely to be sued
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if they spend an extra
10 seconds or 30 seconds
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just talking to their patients, just like,
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"Hey how you doing?
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"Tell me about yourself."
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That reduces the risk of
malpractice lawsuit by...
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Any number I make up is made
up, but a significant portion.
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All he has to do is just kinda
be nice, be a nice person.
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You're a nice person Shreya.
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- Thanks.
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All right, so number three is insurance.
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All right, that's always the first step
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in asset protection planning
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and protecting yourself from lawsuits so-
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- And not just insurance but
the right kind of insurance.
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- Yeah so you know, think of
your car accident liability,
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your homeowners, and then
also your umbrella policy.
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That's a really cheap insurance
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that could protect you if there's a claim
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made above the amount of your car policy,
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or homeowners, renters policy.
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- A lot of our clients and the people
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that we talk to are also landlords,
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so having that landlord insurance.
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Number two is reducing
the equity in your home.
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How about that, because it's
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- Ooh, I like this one.
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- It's not your-
- It's strategery.
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- It's not your physical
home somebody wants.
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It's the equity, it's the value of it.
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They want to take the home, sell it.
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Whatever's left on your
mortgage, they get paid.
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Whatever is left, that's
called your equity
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and that can be sold for cash.
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- Yeah, cash money baby.
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- So if you don't have
any equity in your home
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then nobody's going to to be
able to take your home from you
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or they're not going to
want to take your home
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because there's no payoff for them
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to go through all the
steps of taking your home,
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kicking you out, selling it at auction.
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So the ways that people reduce equity
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or protect the equity.
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One, you might have a homestead
exemption where you live.
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Maybe your state protects your home.
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- Looking at you Texas.
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- Yeah, Florida.
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But, you know, if you live
somewhere else like Washington,
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there's only 125,000-
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- Only?
- Protected.
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Yeah so-
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- That doesn't even buy you
like a quarter of a house here.
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- Right, so if you've got more
than that amount in equity,
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you can do things to reduce
it like home equity loans,
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that sort of thing.
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So, less equity you have in your home,
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the less likely,
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or more protected your
house is from lawsuits.
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How about that Shreya?
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- I like it.
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- We're moving into number one.
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- Number one.
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- Putting your house in
an asset-protection trust.
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- What, you can do that?
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- You sure can do that.
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The mortgage company can't stop you.
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- Oh, I like that.
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- Asset-protection trust
provides the highest level
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of protection after all these other things
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that we've mentioned.
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You know, if the
insurance doesn't stop it,
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if there's a lot of equity.
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I mean, even like our PREP trust,
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which is an asset protection trust,
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the PREP stands for Personal Residence
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and Estate Preservation Trust.
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So its got your home in the title.
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So that's another way that
you can create a huge barrier
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between you and your home,
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and any potential creditors or lawsuits.
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Whew, I'm like winded.
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- I like it.
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- Cool, anything else to add Shreya?
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- I have nothing else to add.
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- That's great.
- Yeah.
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- Well thanks for following along.
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If you found this video helpful
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be sure to subscribe and hit
that like button right now.
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Bye!
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