Go Big with Gib Podcast

Ep 103. Protect the Ship Before the Storm: Why Trusts Matter

• Gib Irons • Episode 103

Share episode
SPEAKER_00:

Welcome to the Go Big With Gibb Podcast, where we talk to professionals, business owners, and entrepreneurs about their big wins. Welcome back to Go Big With Gibb. Today we're talking about something most people wait far too long to think about protecting what you've built. Not after there's a problem, not when lawyers are already circling, but before the storm ever shows up. Here's the simple truth: building wealth is only half the game. Keeping it and controlling it is the other half. That's where tools like domestic and offshore trust come into the conversation. Not as something shady, not as something exotic, but as planning tools for responsible people who think ahead. At a high level, a trust is about separation and structure. Instead of assets sitting directly in your personal name where they're exposed to lawsuits, creditors, and bad actors, a trust is a legal container with rules around ownership, control, and access. You still benefit, you still guide the plan, but you reduce unnecessary exposure. That's the point. Let's talk about domestic trust. Domestic trusts are set up here in the United States, they are often the starting point. They help shield assets from certain creditors, create structure for family wealth, protect children and heirs, and reduce chaos if something happens to you. They're familiar, they're widely used, and when done properly, they add order and protection to your financial life. For many people, this alone is a major upgrade. Next, let's talk a little bit about offshore trust. Offshore trusts offer an added layer of security for certain situations. Offshore trusts are often misunderstood. They're not about hiding money, they're about jurisdictional diversification. In simple terms, they place assets under laws outside of the United States, often in countries with strong privacy rules and creditor-friendly standards. For business owners, high net worth individuals, or people with litigious professions, this can add another layer of insulation. It's not for everyone, but for the right person, it can be a powerful tool when structured correctly. Here's the mistake I see over and over. People wait until there's a threat, a lawsuit, a creditor, a dispute. At that point, your options shrink fast. Asset protection is like insurance. You don't buy it when the house is already on fire. The time to plan is during calm seas. Why timing matters? Courts look at intent. If you move assets after a claim arises, that can create problems. But when trusts are already set up early as part of a thoughtful long-term plan, they're far more effective and far more defensible. Planning ahead isn't avoidance, it's responsibility. A word of caution and wisdom for you to consider. Every situation is different. Every state is different. Every asset mix is different. That's why the right move is to sit down with qualified legal counsel, talk through your goals, your risk, and your long-term vision, and build a plan that actually fits you. If you've worked hard to build wealth, you owe it to yourself and to your family to protect it intelligently. Trust, whether domestic or offshore, aren't about fear. They're about foresight. Plan early, structure wisely, protect what matters. That's how you play offense and defense. That's how you think long term, and that is how you go big. I'm Gib Irons. I'll see you in the next episode. Thank you for listening to this episode of Go Big with Gib. If you haven't already, go follow us on social media at Gib Irons. We'll see you next time.