Ignorance is bliss, until that which you were ignorant of unleashes a flood of painful consequences in your life. This is especially true when it comes to personal and business finances: if you do not educate yourself and instead blindly trust that you will not be faced with financial ruin and that your hard-earned wealth and assets are safe, you may end up deeply regretful and wishing that you had taken the time to learn more and protect yourself. However, for those who don’t work in the field of financial planning and asset protection, this subject is immensely complicated, the terms and jargon are confusing, and the advice comes tainted with the advisor’s own motivations and sales pitch.
So, this post is the first in a series of posts aimed at helping you understand this issue using clear, straightforward language. We will present the most relevant information to help you, a Californian who naturally wouldn’t want to lose your wealth and assets to a lawsuit, comprehend the landscape of risks and rights clearly enough to make well-informed decisions about your own financial future. If ignorance isn’t bliss, then knowledge is power.
For this blog post series, Trust CFO is excited to be teaming up with Reed Scott, MBA, JD, LL.M. (tax), a prominent attorney who leads the field of asset protection in California. In 2017, Reed Scott wrote the “California Asset Protection Guide: The NON-Legalese California Business Owner’s & Professional’s Guide to Asset Protection & Tax Planning.” We highly recommend this book, and in fact we give it out to our clients for free. It provides a wealth of information from a highly experienced, respected, and trustworthy author, who uses clear language that can be easily understood by anyone. Chapter by chapter, this blog series will present a condensed, boiled-down version of information in the California Asset Protection Guide. We hope that this series sparks your interest, and strongly recommend checking out the book for even more details and context.