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Lawyers' reaction. I don't own my $5,000,000 100-ft yacht. I don't own this $20,000,000 house. I don't own my 700 rental properties. I don't own my Rolls-Royces, my Lamborghinis, my McLaren. I don't own any of that.
All of these assets are held in LLCs in Wyoming, Nevada, Delaware, and they're all part of my irrevocable trust. And every personal finance TikTok clown talks about this blah blah blah, buy stuff, put in LLCs, protect yourself. But this right here, this right here is exotic because this irrevocable trust is held offshore by my registered agent in the Cayman Islands. And if you guys did not know, the small but mighty nation of the Cayman Islands does not recognize any US law for judgments, creditors, divorce, or any type of civil forfeiture. So in the event I get divorced, on paper, your boy only makes $150,000 a year, and that's my maximum exposure.
Okay, so what he's talking about is an asset protection trust. So he's using LLCs to own his assets, which in turn are owned by an irrevocable asset protection trust in the Cayman Islands. Cayman Islands is not a very well-known asset protection jurisdiction. The Cook Islands is much more popular, Nevis is much more popular. But nevertheless, it it His point is it's an asset protection [music] trust.
So would it work? Would it Would it actually work if you got divorced? Well, not necessarily. It would depend. [music] First of all, the assets are sitting here, so to some degree, if he's in a divorce situation, depends on the assets are community property or marital property. If they're community property, he's put them in this trust, it's not going to work. And to the extent that the assets are sitting here, he said 750 rental properties. Those can't be transferred to the Cayman Islands. The 750 rental properties are physically here. So if you don't leverage them, sell them, or somehow get the equity out of them, and a judge looks through your trust, they're going to be able to get those properties. Same with your 100-ft yacht and your $10,000,000 house. So be careful.