ABOUT ROB FOTHERINGHAM
Rob is a founding partner of Vial Fotheringham, LLP. He was first admitted to practice in the states of Utah and Nevada in 1986 and later admitted to practice in Oregon after relocating in 1989. Rob regularly advises estate and business planning clients and assists with the establishment of wills, revocable and irrevocable trusts, corporations, partnerships, limited liability companies, charitable giving strategies, powers of attorney for financial decision-making, and advance directives for health care. The majority of Rob's clients are referred to him by other legal, financial, accounting, and real estate services professionals who have come to rely on him for providing their clients with competent and reasonably-priced estate and business planning legal services. Rob is a proud father of 5 children and his wife of 38+ years is his paralegal and best friend.
THIS TOPIC IN A NUTSHELL
[01:30] His career background
[02:00] Why estate planning is an upbeat law practice
[03:00] About the company: Vial Fotheringham LLP
[03:50] Concept and history of Trusts
[05:10] Law of Equity or Law of Fairness
[07:00] Main use of Trust nowadays
[11:41] Other situations or issues where estate planning is used for
[12:25] Trust as a tax reduction vehicle
[14:54] Different types of Trusts
[17:09] Gifting a property with a mortgage
[19:00] Benefits of Foundation and Charitable entity in estate planning
[22:16] Charitable Remainder Trusts
[25:26] Why should younger individuals have an estate plan?
[26:20] Importance of having a Will of testament
[29:36] Types of Trusts that are beneficial to RE investors
[30:59] Downside of Irrevocable trusts
[31:32] Taxes for Trusts
[34:33] Grantor defective trusts
[38:17] Advice to his 25-year-old self
[39:54] First Entrepreneurial endeavor
[41:36] His Formal and Informal training that shaped his journey
[43:36] The Deal that got away
[45:22] Best way to reach out to Rob
KEY QUOTES
[06:50] The main use of Trust nowadays is that it’s a way for people to hold their own assets for themselves. It’s like taking out everything in your pocket and putting it in your other pocket and calling it your Trust pocket. By doing that, it avoids a lot of disadvantages of owning a property in your own name. For example, if you die, your family has to go to a probate or court proceeding that could take months to years as a mandated process, however, if you have a Trust, it avoids the need to go to court and makes it convenient to transfer assets to your family.
[37:08] You can be a pig when it comes to tax avoidance, just don’t be a hog. Take your fair share, do as much avoidance as possible, be as aggressive as you can be, but don't be fraudulent and avoid every possible tax and creditor because usually you will pay a much higher price in the end.
[41:48] Estate planning is a deeply intimate law practice with people’s lives. When they come to me, they’re not just looking to sell or be sold a trust or a will. They’re coming to you to talk about their family, and a lot of their family issues are very painful or distressing to them. I can sit there and talk about legal structure but really a lot of times what they’re asking me is “Hey, Rob, what would you do?”. I need to take my hat off as a lawyer and be somebody who they can relate to and talk to them about how to handle their estate plan.
SUMMARY OF BUSINESS
Vial Fotheringham, LLP - A mid-sized law firm formed in 1998 with offices in Oregon, Utah, Arizona, and Colorado providing a broad range of legal services to individuals, businesses, and homeowner associations. Areas of particular emphasis include estate planning, real estate transactions, business entity formation and advising, commercial litigation, homeowner association representation and assessment collections, and construction-defect litigation.
ABOUT THE WESTSIDE INVESTORS NETWORK
The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.
The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.
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YOU MAY CONTACT ROB FOTHERINGHAM VIA:
Phone No: 503-684-4111
Email: rcf@vf-law.com
Website: https://vf-law.com/
LinkedIn: https://www.linkedin.com/in/rob-fotheringham-2253b39/
Social media:
Facebook: https://www.facebook.com/vial.fotheringham.1
Instagram: https://www.instagram.com/vf_lawyers/
Twitter: https://twitter.com/vflawyers
