Jay Mitton is known as the “Father of Asset Protection” for helping everyday people, including real estate investors and small business owners, protect assets from legal liability. In addition, he was renowned for emphasizing the importance of having a basic estate plan. He brought attention to the legal issue of liability quickly arising in the field, dubbed the “lawsuit epidemic” in the 1990s.
Specializing in tax law, Jay Mitton was a personal attorney to many celebrities, including movie stars, business moguls, and church leaders, helping them navigate through the complexities of the legal system. Today, many in the legal field widely use his strategies to circumvent asset-liability. As a result, legal clauses have been incorporated in many LLC, LP, and business partnership contracts in the United States.
Background & History
Born in Idaho on June 13, 1941, Jay Mitton grew up in Boise, where he attended the University of Utah and met his wife, Joan Stolworthy. They married in Idaho Falls Temple on August 21, 1964. He obtained his B.S., MBA, and Juris Doctor degrees started practicing law in 1972, and retired in 2002. Jay had served many church schools and committees extensively, with his most prominent positions as the Executive Secretary to the Sunday School General Board presidents from 1966 to 1978, the First Quorum of the Seventy for three years till 1980, and many more.
Expertise & Legacy
Jay was an award-winning professional speaker and had shared the stage with many world-renowned political leaders, including former President George Bush and Gerald Ford, former British Prime Minister Margaret Thatcher, Hollywood actor Christopher Reeve, and many other national leaders and sports stars. In addition, he spoke regularly to audiences of up to 22,000 people, educating them about asset protection and how to protect themselves from legal liabilities. Notably, he also gave lectures to many associations such as the National and State Medical and Dental Associations.
Best-Selling Books & Assets Protection Program
Some of Jay’s best-selling books included The Total Asset Protection Handbook, The Asset Protection Bible, Cover Your Assets: Lawsuit Protection, 87 FAQs about Family Limited Partnerships. These documented his strategies and principles for protecting assets in different situations cause unintended legal liabilities. The books also educated readers on the advantages of forming limited partnerships to limit their liability to their investment amount and shield their assets from lawsuits. Today, many attorneys incorporate the same principles and strategies into their practice.
Obituary
On April 25, 2020, Jay Mitton passed away and was beloved as a brother, father, grandfather, great-grandfather, and husband to his loved ones. He had four children, 16 grandchildren, and four great-grandchildren. Jay, alongside his wife, was known for their generosity and kindness, opening up to their home to those who needed food and shelter. He is greatly missed by his family, friends, and everyone at Protect Wealthy Academy.
How You Can Protect Your Own Asset
Inspired by the guidance of Jay Mitton’s asset protection program, Protect Wealth Academy is dedicated to helping everyone develop and enact a plan to shield their assets. These include personal property, real estate, bonds, stocks, and cash from potential creditors looking to lay claim to them. An asset protection plan is critical to protect you from liability and lawsuits that can be difficult to defend against, as the law protects those who receive favorable legal judgments.
Through Charging Order protection, you can shield your corporate and personal assets from judgments and claims made against you by a plaintiff or creditor. Corporate Veil protection can cover your assets during claims and judgments made by a plaintiff against a company. The aim is for the business to absorb all the risks involved while protecting other stakeholders such as managers, officers, and directors. These two protection plans are vital in business partnerships, including Limited Partnerships and multi-member LLCs.
To learn more about asset protection, please do not hesitate to contact us or register for our free Asset Protection Summit.
