Clearing up Common Misconceptions on LLCs and How to Protect Your Assets without Breaking the Bank with Brian T. Bradley
- Author
- Kent Ritter
- Published
- Wed 07 Oct 2020
- Episode Link
- None
Googling real estate asset protection will result in pages filled with misconceptions, like that asset protection is only for high net worth investors or that all you need to protect yourself is an LLC. To separate the truth from fiction, we welcome back Brian T. Bradley who, since our last conversation, has been voted America’s Best Attorney for 2020. After summarizing key asset protection strategies and how they act as different layers of insurance, we dive straight into the top asset protection myths. You’ll hear why you should never set up your LLC as a single-member company and how to decide which state to set up your limited partnerships in. From our special focus on LLCs, we explore how anonymity can work in your favor but why it doesn’t offer any legal protection. An important point, Brian highlights that asset protections don’t exist to hide your assets. Instead, they’re a holistic strategy to protect your assets from risks that range from getting into a car accident to someone injuring themselves on your property. We also touch on the power of offshore trusts and how Quantum Living Trusts can offer incredible protection for families who have under one million dollars in net worth. Tune for real insights into asset protection and to learn the asset protection questions that you should be asking your attorney or CPA.
Key Points From This Episode:
- A warm welcome back to Brian T. Bradley, America’s Best Attorney for 2020.
- Brian provides an overview of asset protection and how it leads to peace of mind.
- Unpacking the first asset protection misconception; that all you need is an LLC.
- Why you should never set up your LLC as a single-member entity.
- Hear the answer to the common question — “In which state should you set up your LLC?”
- Setting up your limited partnership in a state with strong charging order jurisdictions.
- Why a lack of case law doesn’t necessarily mean that you should create a series LLCs.
- The limits of anonymity and where it can work in your favor.
- How asset protection is designed to protect your investments, not hide them.
- The powerful protection that comes from setting up an offshore trust.
- How a Quantum Living Trust can afford incredible protections to families with under one million dollars in net worth.
- Changing your asset protection strategies and the ease of converting to a bridge trust.
- Why you should be wary of any law firm that only talks about selling you an LLC.
- How your assets can be threatened by circumstances that aren’t related to your business.
- Important questions that you should ask your asset protection attorney.
Links Mentioned in Today’s Episode:
Ritter on Real Estate Episode 16
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Production by Outlier Audio
