TLP11: Learn How to Protect Your Assets Legally! with Scott Smith
Scott Royal Smith is an asset protection attorney and a longtime real estate investor. He's been an asset protection attorney for over nine years and investing in real estate for almost 12. Because of his experience in litigation – suing insurance companies – people started asking him about how to put up a real estate portfolio, investment and tax strategies, and asset protection.
Hence, Royal Legal Solutions was born. It is a one-stop shop for everything related to real estate and wealth creation. They do live coaching on diversified investments, tax, networking, and more. In this episode, Scott will speak on how to protect your assets legally. He will go over some of the most common concerns and issues that Limited Partners have about insurance and asset protection. Listen now!
Key Points from This Episode:
- Scott got his first property when he was in law school.
- He continued to invest in real estate while working in litigation.
- He made more money in real estate than being an attorney so he quit practicing law and focused on real estate.
- Scott built Royal Legal Solutions to help people in wealth creation, investment and tax strategies, and other real estate-related matters.
- Scott talks about the first step in asset protection for a limited partner.
- Scott explains the insufficiencies of an umbrella insurance policy.
- Scott advises what to get on top of insurance to get 100% protection.
- What's the difference between Limited Partnership (LP) and a Limited Liability Company (LLC)?
- What would happen to your investment if the LP or the LLC is sued?
- What are the internal and external attacks that you should be protected from?
- How does a single series LLC type of structure work?
- Scott details the process and services Royal Legal Solutions offers to their clients to protect their assets.
- Scott gives a shout-out to the people who have helped him achieve success.
Tweetables:
"There is nothing new, right? There's just what are the best practices and then where do you fall in the continuum of where you're at and what's appropriate for you. And then how do you build that in a way that you're covering off on everything that needs to happen from the asset protection and estate planning on the tax side as well as your tax reporting? And then how does that change as you scale? And as you grow? Right? So, I think that's like the uniqueness of what education that I hope that everybody in the field turns to. But that's our initiative." [04:54-5:21]
"And our belief is we should all be acting like rich people, they've already figured out the path, let's act like they do. " [00:07:26]
"Remember, in a lawsuit, it doesn't matter how honest you are because everybody lies. So, you have to create the structures that are going to protect you even when people lie." [00:10:51]
Links Mentioned in Today's Episode:
About Scott Smith
Real estate investors without asset protection advertise their wealth for anyone who looks, making themselves targets.
The law favors the proactive, so you must protect yourself before the lawsuit. If you do, you can manage and minimize your risk. If you don't, you could lose everything. Merely the threat of a single lawsuit will cost you thousands. My clients get lawsuits dropped before they are even filed.
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