If you're a real estate investor and you own assets in your personal name, you need to pick up the clue phone. It's ringing.
You're in the most litigated industry and the most litigious country in the world. Do you really want to own assets in a way that allows anybody with a good lawyer to attack and plunder?
You're investing thousands and thousands of dollars into acquiring a property, right? It might be a smart asset protection tactic to spend a little bit of money and set yourself up to be protected.
Listen: Rich people don't "own" assets and there's a good reason for that. When you own assets, people can see your ownership and get to them.
You need a network of LLCs and trusts to protect your assets. Hide them from people looking to sue you to get after your hard-earned dollars.
When they look to launch a lawsuit against you, you need to make them understand that they're going to get nothing, Because it looks like on paper that you own nothing. You need to be legally judgment proof that even if somebody were to successfully sue you, it can't actually hurt you.
Scott Royal Smith is an asset protection attorney and long-time real estate investor. He's on a mission to help fellow investors free their time, protect their assets, and create lasting wealth.
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